LONDON (ShareCast) - Housebuilders have continued their rally from yesterday when UBS said they have been oversold.
UBS analyst Mark Stockdale said current share prices factor in “overly bearish cuts to net tangible assets and do not reflect that sector debt should be cut by £3.1bn between 2007 and 2009.”
The sector was also helped by Kier Group saying it expects to beat last year’s trading performance, with underlying pre-tax profit in line with current market expectations.
Taylor Wimpey posted strong gains, as has Barratt Developments and Persimmon.
Trinity Mirror also continues rebounding after saying Wednesday it is trading within the covenants of its debt facilities having slumped on the back of a note from Kaupthing suggesting the contrary. Scotsman publisher Johnston Press also moves up.
Premier Oil is posting substantial losses in line with the oil sector generally, with the price of a barrel of crude now trading well below $135 a barrel.
Moneysupermarket.com moves down again after the price comparison site said Tuesday that secured loans provider First Plus will stop accepting new business from 9 August.
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