| 15 July 2024, Monday |

Energy shares boost FTSE 100; Crest Nicholson leads rout among housebuilders

The UK’s FTSE 100 index rebounded from six-week lows on Monday, helped by a rise in energy stocks, but midcap stocks slipped as Crest Nicholson led the decline among housebuilders that also fell on disappointing industry data.

The blue-chip FTSE 100 index (.FTSE) climbed 0.2%, set to snap six straight days of declines. The midcap FTSE 250 (.FTMC) shed 0.3%, with the (.FTNMX402020) housing sector index sliding 2.8%.

Data from website Rightmove showed asking prices for homes in Britain fell sharply this month, as rising mortgage costs prompted sellers to lower their expectations of what they can get for their properties.

It was the biggest monthly fall for August since 2018 and twice as steep as the usual summertime slide.

Crest Nicholson (CRST.L) tumbled 10.5% to the bottom of the midcap index after the housebuilder lowered its annual profit expectations.

  • Reuters