April 21, 2024

Money latest: Millennials to become ‘richest generation in history’; Halifax reverses on mortgage cuts | UK News

By Sarah Taaffe-Maguire, business reporter

Housebuilding is back in the spotlight this morning (after the competition regulator decided earlier this week to investigate major housebuilders listed on the London Stock Exchange).

Today, the focus is on financial results.

Taylor Wimpey, the most valuable UK housebuilder, is one of the companies with the biggest fall in share price (3.8%) as it said it would build fewer homes and recorded a whopping 49% drop in annual profit.

The clear loser of the morning, however, was wealth manager St James’s Place with shares down 30% after it announced it was setting aside £426m for possible client refunds and slashing its shareholder payments. 

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said:”Taylor Wimpey has underlined the pressure high borrowing costs have put on sales rates, while inflationary winds have whipped up costs.  

“Shares fell in early trade as investors digested the 49% plunge in annual profits but also the prospect of clouds staying low over the housing sector in the coming months. 

“The outlook has disappointed with the company expecting a further fall in completed home sales and the squeeze on profit margins continuing.”

All this has brought the Financial Times Stock Exchange 100 index of most valuable companies down 0.37%.

The FTSE 250 was also in 0.58% negative territory.

The oil price remained in familiar territory. A barrel of the benchmark Brent crude oil costs $82.82, similar to prices over the past few weeks.

A pound buys $1.2633 and €1.169.

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