Homes, oil and pubs

The blue-chip index edged higher in early trading despite overnight falls on Wall Street and in Asia. Sentiment, though, remains constrained by the global economic outlook.

“Housebuilder Bellway (LSE:BWY) achieved the perfect combination in the first six months of its financial year: building more houses and selling them at record prices,” says AJ Bell Investment Director Russ Mould.

“Bellway is on course to report a strong rise in pre-tax profits and on target for 10% full year volume growth. The group has a substantial forward order book and has made a significant investment in land at attractive rates of return to secure future growth which will be music to the ears of its shareholders.

“Tullow Oil (LSE:TLW) narrowed its pre-tax losses from $2bn to $1.3bn which shows it is adjusting to a low oil price environment. The challenge now is for the group to be equally robust in responding to the uncertainties that remain in the sector.

“Pub group and brewer Greene King’s (LSE:GNK) sales were boosted by record sales of £6.8m on Christmas Day. Over the Christmas and New Year weeks, Prosecco volumes were up 69% while Premium Gin grew 77%, and at New Year a record 4,447 drinks per minute were sold in the last hour of 2015.”

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