Market wrap: Persimmon sinks despite sales uptick

FTSE 100 housebuilder Persimmon saw one of the sharpest drops of listed real estate today, diving 4.8% to 2,923p. Persimmon’s decline came despite strong H1 results that saw revenue rise to overtake pre-pandemic levels. The day saw a number of significant drops for most housebuilders – after Persimmmon the steepest being Barratt -3.6%, Berkeley -3.6% and Crest Nicholson -3.3%. Countryside recorded the only residential developer rise, up 0.2% to 504p, following gains yesterday after confirming plans to sell the housebuilding business and double down on partnerships. The downwards trend outpaced a general decline for global stocks, following fears over the global economy, central banks’ responses to inflation and high levels of unemployment in the US. The FTSE 100 fell 1.7% to 7,031 and the FTSE 250 dropped 1.4% to 22,653. To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews Photo: Andy Wong/AP/Shutterstock