Related Companies

• Persimmon

Related Indices

• FTSE All-Share
• FTSE 250
• FTSE 350

Related Sectors

• Household Goods

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Date: Monday 07 Jul 2008

LONDON (ShareCast) - Four of the UK’s leading housebuilders are releasing trading updates this week, starting with sector leader Persimmon.

According to press reports, the company is set to announce 1,000 job cuts, following on from the 1,000 and 900 redundancies announced by Barratt Developments and Taylor Wimpey, respectively, last week.

Given the slumping housing sector and the difficulties experienced by its peers in raising fresh capital brokers are understandably bearish on the stock with Merrill Lynch cutting its price target to 215p from 400p, while Royal Bank of Scotland has slashed its price target from 500p to 184p.

Persimmon, which had borrowings of £1.03bn at the end of March, said in April it has delayed building at new sites until the mortgage market improves after owning up to a 24% slump in sales since the start of 2008.

Around £8bn has been wiped from the stock market value of leading housebuilders since the start of the year, with the dramatic share price falls costing Taylor Wimpey, Barratt Developments and, most recently, Persimmon, their place in the FTSE 100 index.

Tuesday July 08

INTERIM DIVIDEND PAYMENT DATE
Victrex

QUARTERLY PAYMENT DATE
Invesco Property Income Trust

FINALS
Jacques Vert

AGMs
DataCash Group, JSC Chelyabinsk Zinc Plant

TRADING ANNOUNCEMENTS
Business Post, Dunelm, Persimmon

FINAL DIVIDEND PAYMENT DATE
Findel, Great Portland Estates

ECONOMIC ANNOUNCEMENTS
Department of Communities and Local Government (DCLG) UK House prices (June), Nationwide Consumer Confidence, US Pending Home Sales, US Consumer Credit, US ABC Consumer Confidence

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