Sector movers: Real Estate, Homebuilders still being sought out

12th Jul 2024 17:15

(Sharecast News) - Real estate names and homebuilders paced gains at the end of the week amid ongoing optimism around Labour having come out on top in the elections.

On that note, Clive Black at Shore Capital told clients: "We explore this thought in this note, liking Labour's opening growth rhetoric and welcoming, nay encouraging, the need for stability, reform & investment but also boldness.

"If 1.5m houses are completed by 2029 then there should be a notable boost to UK discretionary consumer/retail demand but, ultimately, what happens to household expenditure will determine the outcome. We remain cautiously optimistic for reasons we shall outline."

Industrial Engineering also did well with specialist engineer IMI benefitting from a small upwards target price revision out of analyst at Jefferies.

Worth noting, the company's shares were trading just below their best level of the last five years.

Going the other way, water utilities and precious metals miners ran into profit-taking following the previous session0s gains.

Top performing sectors so far today

Industrial Engineering 13,611.25 +1.80%

Real Estate Investment & Services 2,398.48 +1.71%

Personal Goods 13,778.75 +1.53%

Food Producers 8,027.34 +1.39%

Household Goods & Home Construction 14,106.93 +1.30%

Bottom performing sectors so far today

Gas, Water & Multiutilities 6,030.91 -1.25%

Precious Metals and Mining 11,240.56 -1.22%

Automobiles & Parts 1,149.98 -1.03%

Life Insurance 5,844.76 -0.62%

Aerospace and Defence 10,918.21 -0.38%