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    PSN   GB0006825383


Delayed London Stock Exchange  -  11:35 2022-08-12 am EDT
1847.00 GBX   -0.48%
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UK stocks climb more than 1% after Boris Johnson quits as PM

07/07/2022 | 04:40am EDT

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)

* Pound holds near session high

* Shell boosts oil and gas asset value

* Boris Johnson quits as UK prime minister

* FTSE 100 up 1.1%, FTSE 250 adds 1.5%

July 7 (Reuters) - UK stocks climbed on Thursday, with the domestically focussed FTSE 250 index hitting a one-week high, after Boris Johnson announced he would quit as British prime minister after he dramatically lost the support of his ministers.

The export-oriented FTSE 100 gained 1.1%, while the FTSE 250 midcap index climbed 1.5% after Johnson's statement.

Sterling was last up 0.5% against the dollar, roughly where it was trading before Johnson resigned.

The currency hit two-year lows versus the dollar on Wednesday after the resignation of top ministers left the government dangerously close to paralysis.

"The question was the timing that now happened a bit sooner than was generally expected, but the outcome was not a huge surprise," Jonas Goltermann, senior markets economist at Capital Economics, said.

"Part of it is just the equities everywhere going up today in a bit of a relief rally... The balance between UK specific factors and global factors is so heavily skewed towards global factors that UK news about who's going to be Prime Minister is just not enough to generate that much of a move."

Oil & gas stocks boosted the commodity-heavy FTSE 100, with Shell up 3.0% after the oil major said it would reverse up to $4.5 billion in writedowns on oil and gas assets.

Miners Glencore and Ango American rose more than 6% each as copper prices rebounded from 20-month lows on news of possible stimulus in China.

Worries about economic growth and soaring inflation continued to dominate global market mood, with investors now looking to the earning season for signs on how companies are faring amid costs and weakening consumer confidence.

Persimmon fell 5.0% after Britain's second-largest housebuilder said the number of homes it delivered in the first half was lower than expected.

The broader housing index declined 1.2% even as mortgage lender Halifax said house prices in Britain surged by 13%, the most since 2004 in the 12 months to June. The index is hovering near its lowest level since October 2014.

(Reporting by Sruthi Shankar and Bansari Mayur Kamdar in Bengaluru; Editing by Shounak Dasgupta and Andrew Heavens)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRITISH POUND / US DOLLAR (GBP/USD) -0.52% 1.213 Delayed Quote.-9.75%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.09% 0.7823 Delayed Quote.-1.04%
EURO / US DOLLAR (EUR/USD) -0.60% 1.0258 Delayed Quote.-9.23%
FTSE 100 0.47% 7500.89 Delayed Quote.1.10%
FTSE MID 250 INDEX 0.46% 20338.96 Delayed Quote.-13.78%
GLENCORE PLC -0.46% 472.4 Delayed Quote.26.58%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.05% 0.01256 Delayed Quote.-5.85%
LONDON BRENT OIL -1.47% 97.84 Delayed Quote.27.42%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.30% 0.6452 Delayed Quote.-6.33%
PERSIMMON PLC -0.48% 1847 Delayed Quote.-35.01%
SHELL PLC 0.07% 2215 Delayed Quote.36.48%
WTI -2.31% 91.866 Delayed Quote.24.73%
All news about PERSIMMON PLC
08/09Evergy to Acquire Oklahoma Wind Farm From Scout Clean Energy, Elawan Energy for $250 Mi..
07/08Citigroup Keeps Persimmon At Neutral, Lowers PT
07/07Bank of America Lowers Persimmon PT, Maintains Buy Rating
07/07JPMorgan Keeps Persimmon at Overweight, Lowers PT
07/07LONDON STOCK EXCHANGE : FTSE 100 is up again as Johnson resigns
07/07UK stocks climb more than 1% after Boris Johnson quits as PM
07/07TRANSCRIPT : Persimmon Plc, H1 2022 Sales/ Trading Statement Call, Jul 07, 2022
07/07UK's Persimmon forecasts strong demand, but flags H1 volume hit
07/07Persimmon Remains Upbeat On Future Results Despite Drop In H1 Revenue
07/07PERSIMMON : Trading Update 07 July 2022 1 items
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Sales 2022 3 787 M 4 591 M 4 591 M
Net income 2022 791 M 959 M 959 M
Net cash 2022 972 M 1 178 M 1 178 M
P/E ratio 2022 7,41x
Yield 2022 12,7%
Capitalization 5 896 M 7 148 M 7 148 M
EV / Sales 2022 1,30x
EV / Sales 2023 1,30x
Nbr of Employees 5 196
Free-Float 96,6%
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 1 847,00 GBX
Average target price 2 543,07 GBX
Spread / Average Target 37,7%
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Dean Kendal Finch Group Chief Executive Officer & Director
Jason Michael Windsor Chief Financial Officer
Roger William Devlin Chairman
Nigel Gordon Mills Senior Independent Director
Peter Simon Litherland Independent Non-Executive Director
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