There was a striking contrast between the bullish remarks of Jason Honeyman on Tuesday morning and the stock market reaction to the Bellway chief executive’s trading update.
At first, the share price wobbled before heading downwards, lopping off nearly £1 a share by last night. This is still a modest reduction on a share worth over £34 and compares with its more than halving to £19 after Covid hit in March last year.
Nevertheless, there have been doubts about the company for a while. The shares’ solid recovery over the pandemic’s first 12 months has given way to treading water in the past two months, despite a chorus of analysts targeting prices north of £40.
Honeyman said: “Demand for our high-quality new homes continues to
