MARKET REPORT: Taylor Wimpey’s shares climb almost 6% because it reveals customer interest in recent homes continues to be strong
Investors raised the roof in response to Taylor Wimpey’s half-year results after the builder said full-year results could be towards the highest end of market expectations.
The shares climbed 5.5 per cent, or 6.6p, to 126.65p, because it revealed customer interest in recent homes continues to be strong and cancellation numbers remain at normal levels.
That allayed fears, sparked by probably the most recent house price index from Nationwide that the housing market is coming off the boil. Cost inflation within the sector is at around 10 per cent but that is being fully offset by house price growth, the builder claimed.
Investors raised the roof in response to Taylor Wimpey’s half-year results after the builder said full-year results could be towards the highest end of market expectations
Half-year profit before tax rose 16.3 per cent to £334.5m from £287.5m in the identical period of 2021 on revenue that fell 5.4 per cent.
‘While we recognise and are closely monitoring wider macroeconomic and political uncertainty, housing market fundamentals remain positive, supported by a permanent supply and demand imbalance and good availability of attractively priced mortgages,’ said chief executive Jennie Daly.
It’s full steam ahead for the takeover of Czech cybersecurity firm Avast by NortonLifeLock. Shares in London-listed Avast soared 43.8 per cent, or 209.1p, to 687p after the Competition and Markets Authority provisionally cleared the £6bn deal, announced last August.
The takeover had been under investigation by the since March, but it surely was decided the mixture of two of the largest names within the anti-virus software world wouldn’t raise competition concerns, because of the presence of rivals comparable to McAfee.
The FTSE 100 closed up 0.5 per cent, or 36.57 points, at 7445.68 while the FTSE 250 rose 0.7 per cent, or 144.77 points, to twenty,018.84. Lloyd’s of London insurer Hiscox dipped 0.7 per cent, or 5.8p, to 870p because it revealed the hit from the invasion of Ukraine was £39.6m net of reinsurance.
Hiscox has been reducing its exposure in Ukraine and expects to chop it by two-thirds by the top of 2022. The underwriter posted a half-year lack of £88.3m, in comparison with a profit in the primary half of the previous 12 months of £110m. Hiscox is an element of a consortium being formed to supply insurance cover for ships being granted protected passage from Ukraine.
Rolls-Royce firmed after the Spanish government approved the sale of ITP Aero to a consortium of investors led by Bain Capital
Rolls-Royce firmed after the Spanish government approved the sale of ITP Aero to a consortium of investors led by Bain Capital. Other regulatory authorities have already cleared the €1.8bn (£1.5bn) deal which is predicted to finish in the following few weeks.
STOCK WATCH: Keyword Studios
Acquisitive Keywords Studios got the chequebook out again because it bought Australian outfit Mighty Games for £6m. Keywords, which provides services to the worldwide video games industry, said the corporate would help its games testing ability. In an accompanying trading update, Keywords revealed that it performed strongly in the primary half of the 12 months, with revenues up by around 22 per cent on a 12 months earlier. Shares advanced 10.1 per cent, or 248p, to 2700p.
The deal was a part of the aerospace engine titan’s massive disposal programme, to maintain it afloat in the course of the pandemic period when air travel practically dried up. It rose 3.4 per cent, or 2.99c, to 90.79p. Seraphine fell 5.8 per cent, or 1.7p, to 27.75p despite its chief executive David Newton Williams and chairman Sharon Flood ploughing almost £280,000 into the stock.
Purchases by senior directors are frequently an indication of confidence in an organization’s prospects – however the maternity clothing brand has lost greater than 90 per cent of its value this 12 months after warnings over weakening demand and rising costs. Safety barrier maker Hill & Smith dipped after its half-year results.
It has lost around a 3rd of its value this 12 months and fell 3.3 per cent, or 42p, to 1228p despite a 17 per cent rise in underlying profit before tax at £40.2m. Full-year results from mechanical and refractory engineer Goodwin lifted it 10.1 per cent, or 250p, to 2735p.
Trading profit for the 12 months to the top of April rose 4 per cent to £17.2m from £16.5m the 12 months before. Mobile payments firm Boku trousered £128,400 from a purchase order price adjustment regarding the sale in March of Boku Identity business to Twilio. It expects further payments of as much as £5.1m. It rose 2.6 per cent, or 2.5p, to 100.5p.