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Vistry Group Shares Surge 14.3% on Sustained Buying Pressure

Vistry Group
Simon Mugo

Shares of Vistry Group PLC (LON: VTY) today surged 14.3% despite the lack of major releases from the British homebuilding company that was once known as Bovis Homes.

The company’s shares have been rising for the past six days after hitting a major support level where buyers stepped in and kept pushing its share price higher.

Vistry Group’s last major announcement was on October 25 when it revealed that its ts partnerships division had secured “significant” contracts and joint venture developments with housing providers with a gross development value of £165 million.

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The company’s management hasn’t said much since then, which implies that Vistry’s recent rally could be driven by sustained institutional buying over the past week.

Institutional investors usually accumulate a large position in a company over several days since they usually do not want to trigger a surge in the underlying stock’s price with one large purchase.

I would not be surprised to see a major investor announce a significant stake on Vistry Group in the near future if that’s the catalyst behind the latest rally.

Other reasons behind the rally could be an influx of individual traders coupled with short covering as investors with short positions by shares to minimise their losses.

Vistry Group share price

Tradingview chart of Vistry share price 09112020

Vistry Group shares today surged 14.3% to trade at 701p having rallied from Friday’s closing price of 613p.

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Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.