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STOCKS NEWS EUROPE-Taylor Wimpey buoyed by trading update

Fri Jun 19, 2009 3:29am EDT

Stocks

   

Shares in Taylor Wimpey (TW.L), down more than a fifth in value in the past fortnight, rise 8 percent after the British housebuilder says it has seen stability in the housing market in the past six weeks and it might increase the number of new sites during the second half.

KBC Peel Hunt analyst Robin Hardy says Taylor Wimpey stock may bounce after a sharp recent correction, but while "Taylor Wimpey tries to accentuate the positive here ... (it) cannot shake off the wider issues of unemployment and a poor lending environment. The pricing environment is not going to improve any time soon and this is the worst scenario for new build".

Other housebuilders are also in demand, with Bellway (BWY.L) up 3.9 percent, Redrow (RDW.L) up 6.6 percent, Persimmon (PSN.L) rising 3.8 percent and Bovis Homes (BVS.L) rising 3.5 percent.

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Reuters Messaging rm://dan.lalor.reuters.com@reuters.net


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