UK Housing Market Finally Starts to Fall as Pressures Catch Up

UK Housing Market Finally Starts to Fall as Pressures Catch Up

1053 GMT - After months and months of seemingly defying gravity, the U.K. housing market has caught on to the pressures facing it and started to fall, AJ Bell says. The steepest decline in prices since February 2021 shows that soaring mortgage costs and consumer pressures are affecting buying appetite, even though supply remains constrained, AJ Bell investment director Russ Mould says in a research note. Average house prices fell 0.4% in October, according to the latest house price index from Halifax. "House builder shares have largely priced in a big decline in the market and were only slightly lower in early trading," Mould says. Shares in Barratt Developments were down 0.3% at 387.6 pence, Persimmon is up 0.1% at 1,331.0 pence and Taylor Wimpey is down 0.2% at 96.34 pence. ([e-mail])

 
Companies News: 

Croda International Finance Director Jez Maiden to Retire; Appoints Louisa Burdett Successor

Croda International PLC said Monday that Group Finance Director Jez Maiden will retire in 2023 and Louisa Burdett has been appointed as his successor and will join the board on Jan. 1.

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Kingspan 3Q Sales Jumped; 2022 Trading Profit Seen Higher on Year

Kingspan Group PLC said Monday that sales rose significantly in the third quarter of the year and that it expects trading profit to be ahead of the prior year.

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Joules's Three-Month Performance Missed Board Expectations Amid Challenging Backdrop

Joules Group PLC said Monday that its performance for the 11 weeks to Oct. 30 missed the board's expectations, driven by the economic backdrop impact on consumer confidence and lower-than-expected ecommerce sales as the group proceeds on its turnaround plans to reduce costs.

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PayPoint to Buy Appreciate Group for GBP83 Mln in Shares and Cash

PayPoint PLC said Monday that it has agreed to buy Appreciate Group PLC for 83 million pounds ($94.4 million) in shares and cash.

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Carclo Appoints Joe Oatley as Nonexecutive Chairman

Carclo PLC said Monday that Nonexecutive Chairman Nick Sanders has stepped down and that Joe Oatley has been appointed to the role.

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Beowulf Mining Nonexecutive Chairman Steps Down; Successor Named

Beowulf Mining PLC said Monday that its nonexecutive chairman, Sven Otto Littorin, has stepped down effective immediately.

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B90 Holdings Chairman Karim Peer Steps Down; Calls off General Meeting

B90 Holdings PLC said Monday that Executive Chairman Karim Peer and Nonexecutive Director Nigel Eastwood are stepping down from the board with immediate effect, and that the requisitioning shareholders have withdrawn the request for a general meeting to remove them.

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Synectics to Appoint Craig Wilson as Nonexecutive Chairman, Replacing David Coghlan

Synectics PLC said Monday that it will appoint Craig Wilson as non-executive chairman, replacing David Coghlan.

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Asiamet Resources Places GBP2.6 Mln in Shares to Delta Dunia Makmur

Asiamet Resources Ltd. said Monday that PT Delta Dunia Makmur Tbk has subscribed for 2.6 million pounds ($3.0 million) in shares, with proceeds to be used toward the BKM copper project in Indonesia.

 
Market Talk: 

Flutter Entertainment Gains After FanDuel Ruling

1036 GMT - Flutter Entertainment gains 4% after an arbitrator said Fox Corp. has the option to buy a stake in U.S. sports-betting operator FanDuel Group from parent company Flutter for about $3.7 billion. At Nov. 4, the option price was $4.1bn, including the $3.7bn exercise price for 18.6% of FanDuel plus a 5% annual carrying-value adjustment, Flutter said. Flutter Chief Executive Peter Jackson said: "Today's ruling vindicates the confidence we had in our position on this matter." The outcome was highly satisfactory for Flutter, brokerage Davy says. "The binding arbitration ruling means Flutter has successfully protected shareholder value," Davy analysts say in a note. Fox Corp. and the owner of Dow Jones Newswires and the Wall Street Journal, News Corp, share common ownership. ([e-mail])

Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

11-07-22 0612ET