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Bellway looks set to break its record highs
It has been a good year for Bellway shares, up 35% versus a 3% decline for the FTSE 100 so far. On a P/E of 11 and a 2.9% dividend yield, the shares look attractive from a fundamental standpoint. There are concerns that the UK housing sector is reaching a tipping point, but it is hard to argue with a 44% increase in pre-tax profit in the most recent set of final results, coupled with a 48% increase in the dividend.
In recent sessions, Bellway shares have hit new highs for the year, and indeed new all-time highs. They surpassed their 2007 peak back in 2014, and barring small drops in spring of that year and some losses in September 2015, have barely looked back.
Yesterday’s close above £26 took them to new highs, and while they are pulling back today, a fresh move above £26 should be regarded as a bullish development. Short-term support is likely around £24.50 and then £23.50.