Persimmon’s Cautious Update Drags Down Fellow House Builders
0850 GMT – Persimmon’s cautious business update has pushed a number of key U.K. house builders to the bottom of the FTSE 100 in early trading, after warning that it expects few completions in 2023, Interactive Investor says. Persimmon has shed more than 55% of its stock market valuation year-to-date, underperforming the FTSE 100 and its rivals as it grapples with cost inflation and macroeconomic pressures, Interactive Investor head of investment Victoria Scholar says in a market comment. “It is languishing at the bottom of the U.K. index today dragging other housebuilder stocks down with it,” Scholar says. Persimmon shares are down 7.8% at 1,220.5 pence, Barratt Developments is down 2.4% at 376.4 pence while Taylor Wimpey is down 3.3% at 93.34 pence. (joseph.hoppe@wsj.com)
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