UK builders top the charts as STOXX inches up
PSN•The STOXX 600 rose 0.3% on Monday as UK homebuilders and materials firms rallied after the government announced an incentive scheme for first-time buyers. Persimmon, Taylor Wimpey, Bellway and Barratt Redrow each gained more than 14%.
1. Builders lead gains
Britain’s construction sector led European markets on Monday after the government announced an incentive scheme for first-time home buyers. Persimmon, Taylor Wimpey, Bellway and Barratt Redrow each rose more than 14%, taking the top spots on the STOXX 600.
2. Markets and policy
The government said on Saturday that its new equity loan scheme to help first-time buyers would be confirmed in next month’s budget. The STOXX 600 and London’s FTSE each rose 0.3%, with gains in consumer staples, healthcare and energy stocks. Losses among miners, hit by falling gold prices, and weakness in parts of the technology sector limited advances.
