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Neighbour: Bovis building up for a bounce
With the housing market in the United Kingdom setting record prices, Joe Neighbour from Central Markets has his eye on homebuilding company, Bovis Homes. Growing demand, driven by the UK's growth, has accelerated the sector’s long-awaited recovery after the 2008 financial collapse.
After a profitable first half of the year, Bovis Homes increased its dividend for investors last month. The company’s Chief Executive, David Ritchie commented on the company’s performance to date saying, “In the first half of 2014 the group has delivered a record number of legal completions leading to a 150 percent increase in operating profit.” As Joe notes, this decision coincided with a break through resistance levels at 824 pence and peaking at 885 pence.
The recent consolidation in the company’s stock price has created an opportunity to buy according to Joe. He is targeting a shift upwards toward 940 pence, with a stop placed at 800 pence.
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