Observation11 Jan 2019 11:16
Homebuilders, among the most sensitive to Brexit developments, shrugged off uncertainties and bounced after Bank of America Merrill Lynch upgraded the UK housebuilding sector to neutral.
Homebuilders enjoyed their best week in more than a year, thanks to the BAML upgrade as well as a solid update from Britain's third-largest housebuilder Taylor Wimpey earlier in the week.
Taylor Wimpey added 4.1 percent to lead FTSE 100 gainers, set for its biggest weekly gain since early November, with Persimmon, Barratt Developments and Berkeley all advancing 1.6 to 3.4 percent.
"It seems at least possible, or even probable, that some sort of Brexit resolution is within sight and therefore the UK House Building sector may see some relief," BAML analysts wrote.