Newspaper article The Evening Standard (London, England)

Merrill Backs Its 'Quality Quartet' Housebuilders; Market Report

Newspaper article The Evening Standard (London, England)

Merrill Backs Its 'Quality Quartet' Housebuilders; Market Report

Article excerpt

Byline: MICHAEL CLARK

BROKER Merrill Lynch is bullish of the housebuilders despite fresh evidence of a slowdown in the housing market.

It reckons there is still much to gain in the sector and has issued its "quality quartet" of recommendations to clients. They include Bellway, 1p better at 6281/2p, Bovis Homes, unmoved on 435p, Redrow, steady on 317p, and Persimmon, 1/2p lighter at 510p. It has also repeated its buy recommendations on Crest Nicholson, 1p dearer at 2871/2p, Westbury, unchanged on 413p, Wilson Bowden, lifeless on 9981/2p and George Wimpey, 2p cheaper at 346p.

The latest survey from the Land Registry showed house prices rose on average 13% during the past year, but that the pace had started to slow.

Share prices generally enjoyed modest gains at the outset after taking their lead from New York's performance overnight.

The FTSE 100 index rose 11.9 to 4107.5.

Barclays rose a further 11/2p to 4781/2p on further consideration of yesterday's profit numbers. US securities house Morgan Stanley has upgraded from equal weight to overweight and raised its target price from 420p to 510p, while Deutsche Bank has moved from sell to hold with a target of 475p.

US investment bank JP Morgan has gone from neutral to overweight and raised its target from 480p to 530p, with Lehman Brothers moving to overweight and lifting its target price from 500p to 535p.

Further heavy turnover was recorded in the Irish mining company Minmet, more than four million shares changing hands during the first half hour of trading as the price rose another 0.275 to 6.12p. It follows a bullish update earlier this week on its 50-owned venture in Sweden. Tiger Resources, unchanged on 1.87p, owns 31 million Minmet shares worth [pounds sterling]1.88 million.

That compares with Tiger's own stock market-value of [pounds sterling]4. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.