Shares in Berkeley Group jumped by 8.5% on Friday after the London-focused housebuilder reported solid half-year results and announced plans to allow share buy-backs.
The shares, which fell sharply from around £32 before the EU referendum, closed up at £27.60.
The results were in-line with expectations as Berkeley delivered a 33.9% increase in pre-tax profits but saw demand fall.
The shares were boosted by Berkeley’s proposal to change its shareholder returns programme to introduce share buy-backs as well as dividends.
“Despite its impressive capital return plan, Berkeley’s share price has languished in 2016 and consequently the shares are now yielding c8%,” said analysts at Peel Hunt.
“We continue to believe there is a lot of value in Berkeley at the current share price.”
Meanwhile, the FTSE 100 closed down 0.33%.
9 December 2016
7 December 2016