Stephen Rawlinson
23 June 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 23rd June 2017

Workspace has the floor to itself this morning with its £159m acquisition of Salisbury House in Finsbury Circus. Moves yesterday were in a tight range with Grafton leading the way rising just 1% to 733.0p and Balfour Beatty suffering a little, along with other contractors, down 1.6% to 277.8p.

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Stephen Rawlinson
22 June 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 22nd June 2017

James Latham, a £200m revenue a year timber merchant, reported its finals to end March 2017 this morning. Capita topped the leader board again yesterday with a 3.8% rise to 696p as big brokers start to change view. Are there other examples of stocks that are substantially out of favour but have strong market positions you may ask?

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Stephen Rawlinson
21 June 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 21st June 2017

Berkeley’s finals for the year to end April are as candid as usual. The key message is that Berkeley is doing a good job of building new homes and making valuable contributions to society (e.g. apprenticeships, social housing units, taxes paid, charities to which the company has donated) despite the headwinds being created by the politicians (e.g. stamp duty, mortgage relief on BTL loans, Brexit, planning system). The moves yesterday included only small changes.

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Stephen Rawlinson
20 June 2017 · 2 min read

Market Commentary - Housing, Infrastructure, Construction and Services 20th June 2017

The moves yesterday saw G4S lead the table with a 4.6% rise to 336p. Homeserve was the worst performer, down 1.1% to 779p a move that is within the scope of trading on the day.

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Stephen Rawlinson
19 June 2017 · 1 min read

Market Commentary - Housing, Infrastructure, Construction and Services 19th June 2017

There is no substantive formal news on the day the negotiations to exit the EU begin. News expected this week includes interims from Wolseley tomorrow and finals from London housebuilder Berkeley Group on Wednesday. Friday saw some positive moves across all HICS stocks; among our 22 stocks only four declined, with the worst case, SIG, being 0.4% down.

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Stephen Rawlinson
16 June 2017 · 1 min read

Market Commentary - Housing, Infrastructure, Construction and Services 16th June 2017

There is no directly relevant news this morning. Here is a lot of comment in the press on the prospect of a rate rise and it’s not the role of this note to predict interest rates or the political and economic issues behind rate setting. What is 100% clear is that 3%+ inflation and base rates at 0.25% is not a sustainable norm in any economy.

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