GCIThis is why the market has, probably, bottomed
Taking Stock on Friday 1st December 2023
This is why the market has, probably, bottomed
The house builders are a baromter for the wider economy. Not only because they are probably the biggest purchase a person will make in their life but because this industry supports so many other industries.
So it's worth paying attention to the charts of house builders because if they have bottomed then a lot of the bad news has probably been priced it.
These house builders hit their lows on the following dates:
Barratt Developlments: 29th September 2022
Bellway: 29th September 2022
Redrow: 12th October 2022
Persimmon: 25th October 2022
Taylor Wimpey: 29th September 2022
The Indices Have Hit lows on the following dates:
FTSE 100: 11th October 2022
FTSE 250: 12th October 2022
AIM All Share: 26th October 2022
During the great financial crash the following indices bottomed on the following dates:
FTSE 100: 3rd March 2009
FTSE 250: Friday 21st November 2008
AIM All Share: Friday 5th December 2008
Here's the dates the House Builders Bottomed:
Barratt Developlments: 8th July 2008
Bellway: 2nd July 2008
Redrow: 8th July 2008
Persimmon: 3rd December 2008
Taylor Wimpey: 25th November 2008
Companies mentioned on "Taking Stock" today:
01:55 Barratt Developments #BDEV
02:00 Bellway #BWY
02:05 Redrow #RDW
02:10 Persimmon #PSN
02:15 Taylor Wimpey #TW.
03:40 Van Elle #VANL
07:15 Angling Direct #ANG
08:00 Good Energy #GOOD
08:20 Destiny Pharma #DEST
08:25 Molten Ventures #GROW
10:30 Marula Mining #MARU
11:00 Mind Gym #MIND
14:40 Crest Nicholson #CRST
15:50 Ceres Power #CWR
17:38 Ondo InsurTech #ONDO
19:35 Kooth #KOO
19:54 RUA Life Sciences #RUA
22:05 Sondrel #SND
24:40 H&T #HAT
26:00 Billington Holdings #BILN
27:15 Ramadan Holdings #RFX
27:57 Jet2 #JET2
29:30 Ingenta #ING
31:25 Everyman #EMAN
34:40 London Stock Exchange Group #LSEG
36:05 Agronomics #ANIC
36:25 NetScientific #NSCI
SCREENER
TOP BUSINESS STORIES
UK housing market shows new signs of strength
British house prices rose unexpectedly in monthly terms for the third time running in November, adding to signs that the housing market downturn has abated, mortgage lender Nationwide said on Friday.
House prices rose by 0.2% on the month in November, after a 0.9% increase in October. A Reuters poll of economists had pointed to a fall of 0.4%.
Compared with a year ago, house prices were 2% lower - the smallest such drop in nine months.
UK stocks end November on upbeat note, midcap index logs best month in 2023
Britain's FTSE 100 hit a one-week high on Thursday, led by aerospace and defence stocks, while a softer inflation reading in the U.S. and rise in oil prices after OPEC+ countries agreed to output cuts boosted sentiment.
The midcap index FTSE 250 managed to build healthy gains in November. The index also had its best month in 2023.
Manufacturing sector still declining, but much more slowly
The UK manufacturing sector remains in decline, but at a much slower pace than in recent months, according to a key business survey.
The Manufacturing Purchasing Managers Index (PMI) jumped from near historic lows to its highest level since April this morning. At 47.2, the PMI reading still suggests the sector is in decline, but the improved figures are a sign the sector is “potentially turning a corner”.
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