FTSE 100 movers: Homebuilders stamped out by higher taxes

Market Reports

FTSE 100 movers: Homebuilders stamped out by higher taxes

Thu, 10 August 2017
Article viewed 325 times
FTSE 100 movers: Homebuilders stamped out by higher taxes
Barratt Developments Quote more

Price: 607.50

Chg: -8.50

Chg %: -1.38%

Date: 10:50

FTSE 100 Quote

Price: 7,379.83 Chg: -1.91 Chg %: -0.03% Date: 10:50

(ShareCast News) - Homebuilders' shares were at the bottom of the pile as evidence appeared to mount that recent stamp duty changes were indeed dampening activity in the sector.
Overnight, the Royal Institute of Chartered Surveyors said its UK house price gauge retreated from 7% in June to 1% last month, with the latter being the softest reading since early 2013.

RICS attributed the slowdown in housing market activity to low stock numbers, political uncertainty and recent tax changes.

That echoed the findings of a report from the London School of Economics and VATT published the day before, said IG analyst Joshua Mahony.

Nevertheless, excluding those stocks that went ex-dividend on Thursday, the worst performer on the top flight index was InterContinental Hotels Group, mirroring declines in its sector over in the States.

Glencore was also lower despite having beat analysts' estimates for the latest six-month stretch, although some investors may have had qualms about its marginally higher-than-forecast levels of net debt, although at $13.9bn it was down by 41.2% versus the comparable period of the year before.

FTSE 100 - Risers

Coca-Cola HBC AG (CDI) (CCH) 2,574.00p 8.47%
Worldpay Group (WPG) 410.80p 5.74%
Randgold Resources Ltd. (RRS) 7,450.00p 0.95%
Provident Financial (PFG) 2,038.00p 0.69%
Micro Focus International (MCRO) 2,111.00p 0.67%
WPP (WPP) 1,572.00p 0.64%
Intertek Group (ITRK) 4,712.00p 0.62%
Fresnillo (FRES) 1,552.00p 0.52%
United Utilities Group (UU.) 933.00p 0.48%
Associated British Foods (ABF) 3,169.00p 0.44%

FTSE 100 - Fallers

BT Group (BT.A) 298.65p -4.68%
Rio Tinto (RIO) 3,476.00p -3.42%
InterContinental Hotels Group (IHG) 4,026.00p -3.31%
Lloyds Banking Group (LLOY) 64.74p -3.24%
Barratt Developments (BDEV) 589.00p -2.97%
Glencore (GLEN) 329.85p -2.93%
Persimmon (PSN) 2,465.00p -2.80%
Taylor Wimpey (TW.) 189.60p -2.72%
Anglo American (AAL) 1,270.50p -2.72%
Diageo (DGE) 2,470.00p -2.51%