Europe close: Shares finish higher, but property stocks weigh
By Frank Prenesti
Date: Tuesday 24 Dec 2024
(Sharecast News) - European shares finished slightly higher on Christmas eve, although housing stocks were under pressure after a third consecutive profits warning from Vistry, sending shares in the troubled UK housebuilder plunging.
The pan-European Stoxx 600 index was up 0.20% at 503 points with most major bourses in the green. Germany's DAX was down 0.18% at 19,848.77 at the close, while France's CAC-40 ended the shortened session up 0.14% at 7,282.69.
With volumes expected to be light as markets closed early for the holiday break and no corporate news of note, the profit warning from Vistry stood out like Rudloph the Reindeer's nose.
The company said it now expected adjusted profit before tax for the year to December 31 to be around £250m, compared with previous guidance of £300m, citing delays to expected year-end transactions and completions, while it also pulled out several unattractive deals.
That sparked a sell-off of its shares, with almost 20% wiped off the value of the company in early trade. Sector peers, Persimmon, Bellway, Taylor Wimpey, Berkeley, Barrat Redrow were all lower.
Shares of Swedish online gambling firm Evolution fell again after a plunge on Monday. The company has been placed under review by the UK's Gambling Commission as it discovered the company's games were accessible in Britain through unlicensed operators.
Reporting by Frank Prenesti for Sharecast.com
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