Today it was the turn of Bovis Homes and Redrow to add to the doom and gloom of the housing sector. Both companies will cut 40% of their workforce which will mean 400 job losses for Bovis, whilst Redrow will shed 550 posts. (more…)

News that Taylor Wimpey failed to secure additional funding of some £500m, coupled with having to shed 900 jobs, sent the share price sharply down today. The shares ended the day down 25p (41%) at 35p, with intra-trading lows bottoming at a 57% loss. (more…)

HBOS’s share price bounced back to end the week at 321.75p, up 13.69% on the day. Earlier this week there had been concerns about the success of HBOS’s £4bn rights issue as the shares traded below the 275p rights issue price. On Wednesday, the shares closed at a low of 258p. Dresdner Kleinwort and Morgan Stanley, the underwriters of the issue, will be able to breathe a temporary sigh or relief as they were facing a £250m paper loss had the share price not recovered. Although they may not be out of the woods just yet.