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Bloomberg
Shares of UK construction suppliers slid after a profit warning from SIG Plc provided the latest sign of a weakening industry outlook amid concern over slowing growth and Brexit.
The vendor of roofing materials, insulation products and partition walls saw its stock plunge as much as 27%, the most in a decade, after saying that adjusted profit would be below previous expectations as “political and macro-economic uncertainty†contributed to a weakening in trading conditions.
Stocks including building merchant Travis Perkins, kitchen-designer and fitter Howden Joinery Group Plc and B&Q-owner Kingfisher Plc fell in sympathy as analysts warned of a read-across for peers.
SIG’s update came on the same day that mortgage lender Halifax warned that UK house prices are growing at the slowest rate in more than six years. Persimmon Plc and Berkeley Group Holdings Plc were among homebuilders declining by more than 1% on Monday.