MARKET TALK: Persimmon Low Gearing To Provide Protection

6th Jul 2010 07:58

0658 GMT [Dow Jones] Persimmon's (PSN.LN) update shows legal completions in the six months ended June 30 were around 16% ahead of the previous year, with average selling prices up by around 8%, says Shore Capital. Notes the majority of the company's land bank has planning for traditional two and three storey family housing for which, according to management, demand remains strongest. "While we remain cautious on the medium-term outlook for the sector, we believe Persimmon's relatively low gearing will provide some protection in the face of challenging market conditions." Keeos the stock at hold. Shares closed Monday at 348p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 06, 2010 02:58 ET (06:58 GMT)