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Directors dealings: Redrow non-exec picks up a few shares

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Directors dealings: Redrow non-exec picks up a few shares

Tue, 26 September 2017
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Directors dealings: Redrow non-exec picks up a few shares
Redrow Quote more

Price: 638.50

Chg: 8.00

Chg %: 1.27%

Date: 16:35

FTSE 250 Quote

Price: 20,259.77 Chg: 128.82 Chg %: 0.64% Date: 17:14

(ShareCast News) - Vanda Murray, Redrow's recently appointed non-executive director, picked up a few shares in the company following the recent sharp drop in the stock price.
In particular, she also bought roughly just a couple of weeks after The Steve Morgan Foundation - a charitable trust set up by the company's chairman - hived off 25.9m shares at 590p each.

Murray, who was also the chairman of Fenner, bought 3,500 shares at an individual price of 562p on 26 September, for a total transaction amount of £19,670.

Her purchase also came close on the heels of a downbeat assessment on the sector's outlook out of analysts at Bank of America-Merrill Lynch.

In a research note published on 12 September, the analysts labelled the sector's outlook "uncompelling", pointing to the possibility that the period of incrementally lower rates and readily available financing might be reaching its end, what with the Term Funding Scheme set to be wrapped up from February 2018.

"It is certainly an area of debate. If mortgage rates were to begin to rise, it is likely to slowly begin to squeeze affordability which on a house price to earnings basis is already at peak levels."

Merrill also reminded clients their 'base case' scenario was for a so-called 'hard Brexit'.

Furthermore, trading on a price-to-tangible net asset value multiple of 1.8 the sector's valuation was "uncompelling".

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