MARKET TALK: Bellway Trading Statement In Line - Panmure

15th Jun 2010 10:04

0904 GMT [Dow Jones] Bellway's (BWY.LN) trading statement is in line with expectations, says Panmure Gordon. The company reports that for the current financial year it expects sales to be about 200 units higher than that reported in '09. The brokerage notes though that since the general election, uncertainty has led to a slowdown in sales, but Panmure expected this. With the stock trading on a 27% discount to '10 calendarized NAV, says recent share price weakness represents a buying opportunity. Maintains buy recommendation and 868p price target. Shares are -1.6% at 625p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 15, 2010 05:04 ET (09:04 GMT)