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Bellway (first-half results 20 March)
Housing shares remain an interesting play in the UK, despite worries that first-time buyers are becoming scarcer. Overall market conditions remain favourable for the firm, with government policies such as Help to Buy still in place. In addition, a strong balance sheet with little debt and plenty of cash gives Bellway an encouraging financial position. A 4.5% dividend, plus a competitive forward price-earnings (PE) ratio of 7.5, makes the company one to watch.
It has beaten estimates in five of the last seven results days, but has stumbled over the past few months, giving back all the gains made since September. The first possible area of support, is £30.12 with £29.68 just below this. A break above £31.50 would be a first positive step, but we will need to see a move above £37 to take out the 2018 high.