Speaker 1: Bloomberg Audio Studios, podcasts, radio News, The.
Speaker 2: Stock Movers Report, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Well, let's take a look at some stocks on the
Speaker 3: move today in Europe. I'm Stephen Carroll and I'm joined
Speaker 3: by Bloomberg's Breaking News editor Louise Moon.
Speaker 1: Louise, good morning.
Speaker 3: Let's start with home builders in the UK under pressure
Speaker 3: after the latest house price data.
Speaker 1: You've been looking at Barras, Redrow on.
Speaker 4: Others, Yes, indeed all of them really shares are lower.
Speaker 4: So yeah, as you say, red Roy, which is the
Speaker 4: UK's largest house builder, also includes Taylor Wimpe, Vestry, Berkeley Group, Belway, Personman,
Speaker 4: all the main big names are down this morning. Losses
Speaker 4: are so firstly, I'll say this is on the back
Speaker 4: of as you say, new data from right moves. So
Speaker 4: prices had surged in January and then this latest data
Speaker 4: is for February and showing that those house prices have
Speaker 4: stalled p rebably flat for February. That's because of essentially
Speaker 4: there's so many properties on the market that it's giving
Speaker 4: buyers more bargaining power, and so those prices are kind
Speaker 4: of flatlining for this month, so weighing on all of
Speaker 4: the stocks as a whole. But then if we do
Speaker 4: also hone in on Barrett red Road, they're getting a
Speaker 4: bit of extra bad news.
Speaker 1: Losses are steeper there.
Speaker 4: That's also because in addition to the right Move data,
Speaker 4: they've had a note from pill Hunt, they've been downgraded
Speaker 4: by pill Hunt and Deutsche Bank has cut their forecast
Speaker 4: and price target as well for Barrett red Rod, so
Speaker 4: a bit of a double whammy for them. But yeah,
Speaker 4: the overall kind of sector news is that those prices
Speaker 4: have stalled in February, and there was a sort of note,
Speaker 4: one interesting note from an RBC analyst saying that even
Speaker 4: though the housing market has had a relatively strong start
Speaker 4: to the spring season, the second hand market is giving
Speaker 4: house build around for their money. And he's saying one
Speaker 4: match doesn't decide a season, but currently in twenty twenty
Speaker 4: six it's do or up as one new build nil.
Speaker 4: So there's a little quote to end that section for you.
Speaker 4: But yeah, that's the current state of the house market
Speaker 4: in the UK.
Speaker 3: Nice has some good supporting analogies as well. Let's turn
Speaker 3: to that West next. Their shares are at by four
Speaker 3: point two percent today. What's happened, Yes, leading the one
Speaker 3: hundred this morning. That's as a couple of things.
Speaker 4: Firstly, their buyback is kicking in that was previously announced
Speaker 4: for seven hundred and fifty million pounds that's starting today.
Speaker 4: And then at the same time, City has also raised
Speaker 4: their price target for that West, so they've raised their
Speaker 4: estimates for pretext profit and EPs. This is after now
Speaker 4: we're seen as essentially had quite a host of good news.
Speaker 1: They had their results I.
Speaker 4: Think it was last week, and they came in very
Speaker 4: strong higher interest income.
Speaker 1: Overall, it was very strong.
Speaker 4: And then on top of that, about a week before,
Speaker 4: there was also the deal for them to buy Evelyn Partners,
Speaker 4: which is a wealth manager, so pushing into the wealth
Speaker 4: manager spaces, they kind of diversify their revenue streams. And
Speaker 4: all of this is proving to be positive as of yet.
Speaker 4: And yeah, City has raised their price style on the
Speaker 4: back of that. A bit of a double whammy for
Speaker 4: out West.
Speaker 3: Okay, we're going to turn next to Rose Bank Industries.
Speaker 3: Are stock not moving because it's just been suspended in
Speaker 3: the past few minutes.
Speaker 1: What's going on? It has Yeah, this is a bit
Speaker 1: of a breaking story.
Speaker 4: So Rosebanks is so obviously the company that's relatively new,
Speaker 4: set up by former Melros industry executives. They're in advanced
Speaker 4: talks to buy to what they've said is to private
Speaker 4: acuity owned US businesses, and this is for a headline
Speaker 4: enterprise value of just over three billion dollars. They say
Speaker 4: that will be funded through a combination of an equity
Speaker 4: issue which will be about one point nine billion pounds,
Speaker 4: and then also new debt facilities. So they released this
Speaker 4: press statement about ten minutes ago saying that trading had
Speaker 4: actually already been suspended because Sky broke the news, so
Speaker 4: they had the report on this potential deal. Sky have
Speaker 4: said that the businesses they've named the businesses or potential
Speaker 4: businesses as being CPM and MW Industries, both US listed.
Speaker 4: Rosebank haven't actually named them, but that was the report
Speaker 4: from Sky, So potentially big MNA deal talks that they
Speaker 4: say they're in advanced talks.
Speaker 1: So whether or not it'll come to fruition, we'll be watching.
Speaker 4: But as you say, yeah, share the actually been suspended
Speaker 4: on the back of.
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