Latest news with #JasonHoneyman
Yahoo
2 days ago
- Business
- Yahoo
Housebuilding and China trade hopes lift London stocks
Stocks in London ended higher on Tuesday, led by gains in housebuilders and amid signs of progress in US-China trade talks. The FTSE 100 index rose 20.80 points, 0.2%, to 8,853.08. It had earlier risen as high as 8,886.06. The FTSE 250 ended up 103.55 points, 0.5%, at 21,389.46, and the AIM All-Share climbed 2.43 points, 0.3%, to 766.32. In Paris, the Cac 40 rose 0.2%, while Frankfurt's Dax 40 ended 0.8% lower. In the UK, figures showed the unemployment rate rose slightly in the three months to April, as expected, while pay growth was more moderate than forecast. The Office for National Statistics said the rate increased to 4.6% in the period from February to April, in line with FXStreet-cited consensus, from 4.5% in the first three months of 2025. The last time the jobless rate was higher was in the period from April to June 2021, at 4.7%, according to the ONS. The ONS also said annual growth in average earnings was 5.2% for regular earnings, which exclude bonuses, and 5.3% for total earnings, which factor in bonuses. However, regular earnings growth of 5.4% was expected, and total earnings growth of 5.5% was predicted, according to FXStreet. Regular earnings growth eased from 5.5% in the three months to March, and total earnings growth ebbed from 5.6%. 'Today's data was soft across the board. Wage growth slowed in April and was revised lower in March. 'Unemployment rose while vacancies fell. Tax data for May suggests further easing to come. 'This doesn't change our June (Bank of England) call for a hold, but solidifies the case for easing,' analysts at Barclays said. Barclays added that the data 'gives us increased confidence in our forecast that the (Monetary Policy Committee) will cut in August'. Rate cut optimism was reflected in a weaker pound. Sterling was quoted at 1.3509 dollars late on Tuesday afternoon in London, lower compared to 1.3556 dollars at the equities close on Monday. The euro stood at 1.1418 dollars, little changed against 1.1419 dollars. Against the yen, the dollar rose to 144.93 yen compared to 144.42 yen. The data also gave a lift to rate-sensitive housebuilders, who took further encouragement from an upbeat trading statement from Bellway and a rumoured government announcement. Bellway, up 7.9%, said it is on track for 'strong growth in volume output and profits' in its financial year, and it predicted average selling prices will be above previous guidance. The housebuilder said it saw 'robust' trading through the spring selling period. 'Bellway has delivered a solid trading performance, and we are on track to deliver strong growth in volume output and profits in the full financial year. 'We have a healthy forward order book and outlet opening programme, which will serve as a platform for further growth in FY26,' chief executive Jason Honeyman said. Volume output for the year to July 31 is now expected between 8,600 and 8,700 homes, a rise from 7,654 homes in the prior financial year. In its March interim results, it predicted output of at least 8,500 homes. The overall average selling price is now expected to be around £315,000, up from its previous guidance of £310,000 and a rise from £307,909 last year. It put the guidance hike to 'changes in product mix'. 'Bellway's update should be well-received as there was a degree of caution in the market around slower trading after the stamp duty changes,' analysts at Stifel commented. The statement supported the housebuilding sector. On the FTSE 100, Persimmon rose 6.0%, Barratt Redrow climbed 5.6% and Taylor Wimpey advanced 4.6%. In addition, the Financial Times reported that Chancellor Rachel Reeves has drawn up plans for a housing bank, to be announced as early as Wednesday's spending review, alongside a potential long-term funding settlement for affordable homes of up to £25 billion. The plans would enable Homes England, the Government's housing agency, to more easily deliver cheaper financing to housebuilders by redesignating it as a public financial institution, according to FT sources. Analysts at RBC Capital Markets said this would provide 'a welcome lift to the sector'. In New York, the Dow Jones Industrial Average was up 0.1%, the S&P 500 was 0.3% higher, and the Nasdaq Composite 0.2% to the good at the time of the closing bell in London. The yield on the US 10-year Treasury was quoted at 4.48%, narrowing from 4.49% on Monday. The yield on the US 30-year Treasury was quoted at 4.95%, narrowing from 4.96%. Negotiations between US and Chinese officials in London stretched into a second day, with Washington sending positive signals that the two superpowers might resolve a bitter trade war dragging on the global economy. The talks were 'going well,' US commerce secretary Howard Lutnick told Bloomberg Television, adding he expected Tuesday's discussions to last 'all day'. US President Donald Trump told reporters at the White House on Monday: 'We are doing well with China. China's not easy.' He added: 'I'm only getting good reports.' Back in London, Marks & Spencer rose 3.8% after it reopened its website to shoppers, having been forced to halt internet orders in April following a damaging cyber attack. The retail giant said shoppers are now able to buy a selection of its best-selling fashion ranges and new products for home delivery to England, Scotland and Wales. Rival Next, a perceived beneficiary from the outage at M&S, fell back 2.7%. On the FTSE 250, Hochschild Mining plunged 23% after the London-based gold and silver miner in Argentina, Brazil and Peru said it expects to significantly reduce production guidance at its Mara Rose site in Brazil amid ongoing delays to the project. Hochschild Mining said it has suffered 'contractor performance issues', alongside unexpectedly heavy rainfall in the past few months. According to Hochschild, filtering problems and limited access to metal ore have exacerbated the impact of delayed waste removal, an issue which was carried over from previous years. Hochschild is planning to suspend operations at Mara Rose's processing plant for about six weeks in order to carry out repairs, but it insists that mining 'will continue as planned'. The biggest risers on the FTSE 100 were Persimmon, up 77.50 pence at 1,380.0p, Barratt Redrow, up 25.30p at 475.3p, Taylor Wimpey, up 5.35p at 121.7p, Marks & Spencer, up 13.60p at 373.4p and Shell, up 90.5p, at 2,595.5p. The biggest fallers on the FTSE 100 were Standard Chartered, down 34.0p at 1,148.0p, Barclays, down 9.1p at 323.3p, Next, down 345.0p at 12,495.0p, BAE Systems, down 50.5p at 1,872.0p, and Fresnillo, down 34.0p at 1,340.0p. Brent oil rose to 67.82 dollars a barrel late in London on Tuesday afternoon, from 66.88 dollars late on Monday. Gold was quoted lower at 3,325.36 dollars an ounce against 3,329.84 dollars on Monday. Wednesday's global economic calendar sees a US inflation reading. The UK corporate calendar on Wednesday has full-year results from pub operator Fuller, Smith & Turner. Contributed by AllianceNews Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Housebuilding and China trade hopes lift London stocks
Stocks in London ended higher on Tuesday, led by gains in housebuilders and amid signs of progress in US-China trade talks. The FTSE 100 index rose 20.80 points, 0.2%, to 8,853.08. It had earlier risen as high as 8,886.06. The FTSE 250 ended up 103.55 points, 0.5%, at 21,389.46, and the AIM All-Share climbed 2.43 points, 0.3%, to 766.32. In Paris, the Cac 40 rose 0.2%, while Frankfurt's Dax 40 ended 0.8% lower. In the UK, figures showed the unemployment rate rose slightly in the three months to April, as expected, while pay growth was more moderate than forecast. The Office for National Statistics said the rate increased to 4.6% in the period from February to April, in line with FXStreet-cited consensus, from 4.5% in the first three months of 2025. The last time the jobless rate was higher was in the period from April to June 2021, at 4.7%, according to the ONS. The ONS also said annual growth in average earnings was 5.2% for regular earnings, which exclude bonuses, and 5.3% for total earnings, which factor in bonuses. However, regular earnings growth of 5.4% was expected, and total earnings growth of 5.5% was predicted, according to FXStreet. Regular earnings growth eased from 5.5% in the three months to March, and total earnings growth ebbed from 5.6%. 'Today's data was soft across the board. Wage growth slowed in April and was revised lower in March. 'Unemployment rose while vacancies fell. Tax data for May suggests further easing to come. 'This doesn't change our June (Bank of England) call for a hold, but solidifies the case for easing,' analysts at Barclays said. Barclays added that the data 'gives us increased confidence in our forecast that the (Monetary Policy Committee) will cut in August'. Rate cut optimism was reflected in a weaker pound. Sterling was quoted at 1.3509 dollars late on Tuesday afternoon in London, lower compared to 1.3556 dollars at the equities close on Monday. The euro stood at 1.1418 dollars, little changed against 1.1419 dollars. Against the yen, the dollar rose to 144.93 yen compared to 144.42 yen. The data also gave a lift to rate-sensitive housebuilders, who took further encouragement from an upbeat trading statement from Bellway and a rumoured government announcement. Bellway, up 7.9%, said it is on track for 'strong growth in volume output and profits' in its financial year, and it predicted average selling prices will be above previous guidance. The housebuilder said it saw 'robust' trading through the spring selling period. 'Bellway has delivered a solid trading performance, and we are on track to deliver strong growth in volume output and profits in the full financial year. 'We have a healthy forward order book and outlet opening programme, which will serve as a platform for further growth in FY26,' chief executive Jason Honeyman said. Volume output for the year to July 31 is now expected between 8,600 and 8,700 homes, a rise from 7,654 homes in the prior financial year. In its March interim results, it predicted output of at least 8,500 homes. The overall average selling price is now expected to be around £315,000, up from its previous guidance of £310,000 and a rise from £307,909 last year. It put the guidance hike to 'changes in product mix'. 'Bellway's update should be well-received as there was a degree of caution in the market around slower trading after the stamp duty changes,' analysts at Stifel commented. The statement supported the housebuilding sector. On the FTSE 100, Persimmon rose 6.0%, Barratt Redrow climbed 5.6% and Taylor Wimpey advanced 4.6%. In addition, the Financial Times reported that Chancellor Rachel Reeves has drawn up plans for a housing bank, to be announced as early as Wednesday's spending review, alongside a potential long-term funding settlement for affordable homes of up to £25 billion. The plans would enable Homes England, the Government's housing agency, to more easily deliver cheaper financing to housebuilders by redesignating it as a public financial institution, according to FT sources. Analysts at RBC Capital Markets said this would provide 'a welcome lift to the sector'. In New York, the Dow Jones Industrial Average was up 0.1%, the S&P 500 was 0.3% higher, and the Nasdaq Composite 0.2% to the good at the time of the closing bell in London. The yield on the US 10-year Treasury was quoted at 4.48%, narrowing from 4.49% on Monday. The yield on the US 30-year Treasury was quoted at 4.95%, narrowing from 4.96%. Negotiations between US and Chinese officials in London stretched into a second day, with Washington sending positive signals that the two superpowers might resolve a bitter trade war dragging on the global economy. The talks were 'going well,' US commerce secretary Howard Lutnick told Bloomberg Television, adding he expected Tuesday's discussions to last 'all day'. US President Donald Trump told reporters at the White House on Monday: 'We are doing well with China. China's not easy.' He added: 'I'm only getting good reports.' Back in London, Marks & Spencer rose 3.8% after it reopened its website to shoppers, having been forced to halt internet orders in April following a damaging cyber attack. The retail giant said shoppers are now able to buy a selection of its best-selling fashion ranges and new products for home delivery to England, Scotland and Wales. Rival Next, a perceived beneficiary from the outage at M&S, fell back 2.7%. On the FTSE 250, Hochschild Mining plunged 23% after the London-based gold and silver miner in Argentina, Brazil and Peru said it expects to significantly reduce production guidance at its Mara Rose site in Brazil amid ongoing delays to the project. Hochschild Mining said it has suffered 'contractor performance issues', alongside unexpectedly heavy rainfall in the past few months. According to Hochschild, filtering problems and limited access to metal ore have exacerbated the impact of delayed waste removal, an issue which was carried over from previous years. Hochschild is planning to suspend operations at Mara Rose's processing plant for about six weeks in order to carry out repairs, but it insists that mining 'will continue as planned'. The biggest risers on the FTSE 100 were Persimmon, up 77.50 pence at 1,380.0p, Barratt Redrow, up 25.30p at 475.3p, Taylor Wimpey, up 5.35p at 121.7p, Marks & Spencer, up 13.60p at 373.4p and Shell, up 90.5p, at 2,595.5p. The biggest fallers on the FTSE 100 were Standard Chartered, down 34.0p at 1,148.0p, Barclays, down 9.1p at 323.3p, Next, down 345.0p at 12,495.0p, BAE Systems, down 50.5p at 1,872.0p, and Fresnillo, down 34.0p at 1,340.0p. Brent oil rose to 67.82 dollars a barrel late in London on Tuesday afternoon, from 66.88 dollars late on Monday. Gold was quoted lower at 3,325.36 dollars an ounce against 3,329.84 dollars on Monday. Wednesday's global economic calendar sees a US inflation reading. The UK corporate calendar on Wednesday has full-year results from pub operator Fuller, Smith & Turner. Contributed by AllianceNews
Mint
3 days ago
- Business
- Mint
Bellway Raises UK Home Sales Guidance After Rise in Deals
Bellway Plc lifted its guidance on home sales after a period of 'improved affordability' supported an uptick in deals over the past few months. The builder said it expected to sell between 8,600 and 8,700 homes in the year through July 2025, up from previous guidance of 'at least 8,500', according to a statement Tuesday. That would be an improvement on the roughly 7,600 homes delivered in the same period a year earlier, but still well below the 10,000-plus homes completed in its final financial year before Covid-19 struck. 'We are on track to deliver strong growth in volume output and profits,' Chief Executive Officer Jason Honeyman said in the statement. 'We have a healthy forward order book and outlet opening programme, which will serve as a platform for further growth.' Housebuilders have been under pressure from higher mortgage costs, which have impacted demand. UK Deputy Prime Minister Angela Rayner said last month that a government target to build 1.5 million homes over five years was 'stretching.' But Bellway's focus on mid-market homes has made it more accessible to a wider group of buyers during the downturn. The company's larger share of apartments compared with rival builders may prove advantageous as higher mortgage rates and the cost-of-living crisis push buyers toward smaller homes. Bellway's private reservation rate rose 5.9% to an average of 161 per week between Feb. 1 and June 1, compared with 152 in the same period a year earlier. The company said it expects the overall average selling price of its homes to be around £315,000 in the year through July, up from about £308,000 a year earlier.
The Independent
3 days ago
- Business
- The Independent
Bellway upgrades housebuilding forecast after ‘robust' spring trading
Housebuilder Bellway has reported 'robust' trading through spring, as it hiked its forecast for the number of homes it will build this year. The London-listed company told shareholders it has seen 'good levels of customer demand and improved affordability' as interest rates have shifted lower in recent months. As a result, the company said it is on track for higher volume output and higher profits in the year to July 2025, compared with the previous year. Bellway has said it expects to construct between 8,600 and 8,700 homes this financial year, upgrading its previous prediction of around 8,500 homes. It compares with 7,654 last year. Jason Honeyman, group chief executive, said: 'Bellway has delivered a solid trading performance, and we are on track to deliver strong growth in volume output and profits in the full financial year. 'We have a healthy forward order book and outlet opening programme, which will serve as a platform for further growth in full-year 2026.' The firm said it has seen 'a sustained increase' in private reservations and stronger future orders in the past four months. Its forward order book increased by 7.7% and comprised 5,759 homes as of June 1, Bellway said. The company also reported that the overall average selling price is expected to increase to around £315,000 for this year, increasing from its previous guidance of £310,000. Mr Honeyman added: 'I remain confident that, supported by the group's operational strengths, land bank depth and an increased focus on cash generation and capital efficiency, Bellway can capitalise on the positive fundamentals of our industry and deliver volume growth, improved returns and ongoing value creation for shareholders.'
The Independent
25-03-2025
- Business
- The Independent
Bellway to increase housebuilding further amid ‘healthy' demand
Housebuilder Bellway has said it is building more homes amid 'healthy' demand from buyers. Shares in the company lifted on Tuesday after it told shareholders that profits have increased after it completed more houses. The company is among developers to have been boosted by easing mortgage rates and the Labour Government's ambition to build 1.5 million homes. Newcastle-based Bellway said it delivered 4,755 homes in the half-year to January, up 12% against the same period a year earlier. It reported 'improved sales rates' as customer demand was supported by 'good availability' of mortgage finance. The company said it is therefore on track to deliver at least 8,500 homes in the current financial year. Jason Honeyman, group chief executive of Bellway, said: 'Bellway has delivered a strong first half performance with good growth in volume output and profits. 'Underlying demand for our homes is healthy and we have been encouraged by the improvement in customer inquiries and reservations since the start of the new calendar year. 'I am confident that, given our operational strengths and land bank depth, we remain very well-positioned to capitalise on the positive long-term fundamentals of the UK housebuilding industry, and Bellway will continue delivering the high-quality new homes the country needs.' Oli Creasey, property analyst at Quilter Cheviot, said: 'Bellway is clearly making progress in revenue growth, driven by increasing volumes. 'Achieving this growth through bulk orders is no bad thing, but management will need to focus on expanding margins. Both volumes and profit remain well below 2022 levels. 'While the company and the housebuilding industry are on the road to recovery, there is still a long way to go.' Bellway shares were 2.5% higher after morning trading.
