Housebuilders push FTSE 100 to new high after Starmer vows to take on blockers
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The FTSE 100 closed the day at yet another all-time high on Thursday, as shares in some of the UK’s biggest housebuilders surged following comments from the Prime Minister. London’s blue-chip index gained 20 points to finish the day at 8,565, or a 0.2% rise.
Housebuilding giants Persimmon, Taylor Wimpey and Barratt Redrow saw shares rise faster than most on the stock exchange, after Sir Keir Starmer said he would end a “challenge culture” on infrastructure projects. Sir Keir said opponents of major infrastructure projects will have fewer chances to “frustrate growth” through repeated legal challenges.
Danni Hewson, an analyst at the investing firm AJ Bell, said the sector “has arguably been oversold since Labour’s election victory considering the huge focus the Government has placed on housebuilding”. He added: “Moves by the PM today to make it easier for huge infrastructure projects to go ahead by limiting the number of legal challenges – taking on the ‘Nimbys’ who Keir Starmer said stood in the way of growth – have been seen as a clear indication that the Government is serious about building back Britain.”.
Elsewhere, Shell and BP shares took a knock after Donald Trump said he would ask some of the world’s largest oil producers to lower prices. In Europe, France’s Cac 40 closed 0.7% higher, and in Frankfurt the Dax was up 0.7%. On Wall Street, the S&P 500 was up 0.1% and Dow Jones had risen 0.6% shortly after UK markets had closed.
