Homebuilder Bellway expects its sales rate to improve only in 2025, it said yesterday, after the company forecast around a one-third slump in annual output as affordability concerns drive homebuyers away. But Peel Hunt said despite the market conditions, "Bellway's balance sheet and investment in land over the last few years should allow it to be one of the first back out when demand improves." They say 'buy' at 2,800p.

PETRA DIAMONDS

P 65 17 Oct 53.23 60 55 50 11 Oct 12 Oct 13 Oct 16 Oct 17 Oct

Diamond miner and supplier Petra continued to suffer the effects of lower market prices in the second tender, reporting sales 49 per cent lower than in the first tender. Yet Peel Hunt analysts predict "ongoing two-month sales moratorium will help clear midstream inventory and build price support moving forward, resulting in improved sales revenues" in the third tender. They suggest buying at a target price of 88p.

(c) 2023 City A.M., source Newspaper