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