This week there was the inevitable "relief bounce" after the turmoil of the previous seven days. The term describes what happens when the City believes shares have been oversold and starts to snap them up in the hope of getting a bargain. After all, housebuilding stocks can only fall so far, can't they? But the bounce wasn't very high. The City is still clearly unconvinced that the macroeconomic picture is favourable. So is Tony Pidgley, chief executive of Berkeley Homes - the only housebuilder in the black according to latest available results data (see page 22). "Everyone's going to go away for the summer now and shares will bump along at the bottom for a while yet," said Pidgley.
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