Battered UK homebuilders set for biggest daily rise in five months
Business
Battered UK homebuilders set for biggest daily rise in five months
LONDON (Reuters) - UK homebuilders' shares headed for their biggest one-day gain since February on Tuesday, recovering further from the drop to seven-month lows earlier in July, as expectations grew that British interest rates might peak sooner than initially feared.
An index of London-listed homebuilders (.FTNMX402020) rose as much as 4% and was set for its biggest daily rise in more than five months, after recording a 12.15% drop in the second quarter, following a whopping 44.4% tumble in 2022.
Shares in Taylor Wimpey (TW.L), Barratt Developments and Persimmon rose between 4-5%, while shares in mid-cap Vistry (VTYV.L) rose 7% on the day.
