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Sunday 06th of March 2011
May 18, 2006    

Homebuilders hurt London markets

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by Elaine Frei

The London equities markets were lower on Thursday, with the FTSE 100 down 0.07 percent to 5,671.6 and the FTSE 250 dropping by a substantial 1.5 percent to 9,134.8. Trade was heavy at nearly 4 billion shares on the day. Homebuilders and the oil sector were both instrumental in the declines on both indexes.

In the oil sector, Cairn Energy dropped 4.2 percent to £20.69. Among mid-caps, Dana Petroleum dropped 6 percent to 917½p. Also in stocks related to commodities, miner Kazakhmys was down 3 percent to £10.94.

Among homebuilders, Persimmon dropped 4.4 percent to £11.48, while Taylor Woodrow lost 5.6 percent to 320½p and George Wimpey was down 4.3 percent to 436½p. Crest Nicholson dropped 3.2 percent to 320¼p and Bovis Homes was down 4.5 percent to 755p. A major factor in the sector’s declines was said to be reaction to the news that a member of the Bank of England’s monetary policy committee had voted to raise interest rates at the committee’s meeting this month.

Telecom BT Group added 8 percent on the day to 226¼p on a positive quarterly earnings report and predications that there is more growth to come.

Among losers, brewer SABMiller lost 3 percent £10.61 despite a strong full-year earnings report, when it warned of higher input costs and price declines in the US beer market.

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