Market Prognosis

A concise summary of the major macro events of the past 24 hours, and selected UK company-specific news.

<< Back to Market PROGnosis archive

June 7, 2024

Bellway confirms improved housing market activity


China’s trade balance was stronger than expected, boosting hopes for a continued manufacturing recovery.

Meanwhile, Germany’s trade data was weaker than expected, prompting fears that yesterday’s ECB’s rate cut might prove insufficient.

We will get the US non-farm payrolls later. The market is expecting 150,000 new jobs. Investors could react positively to a weaker-than-expected number and an increased likelihood of a US rate cut.

UK Companies

Bellway has updated that trading through the spring selling season has strengthened, its reservation rate per outlet increased by 6.9%, and pricing has remained firm. It remains on track to deliver FY volume output of 7,500 homes with an average selling price anticipated to be around £305,000. It adds that it is well-positioned to return to growth in the financial year 2025.   

This communication is provided for information purposes only, and is not a solicitation or inducement to buy, sell, subscribe, or underwrite securities or units. Investors should seek advice from an Independent Financial Adviser or regulated stockbroker before making any investment decisions. Progressive Equity Research Ltd (“PERL”) does not make investment recommendations.

Opinions contained in this communication represent those of PERL and/or our affiliates at the time of publication and PERL does not undertake to provide updates to any opinions or views expressed. PERL does not hold any positions in the securities mentioned in this communication, however, PERL’s directors, officers, employees, contractors and affiliates may hold a position,  and/or may perform services or solicit business from, any of the companies or related securities mentioned.

Any prices quoted in our research are as at the previous day’s close.