Balfour benefits from Trump bounce
There was a 10% leap in Balfour Beatty’s share price on the back of Donald Trump’s US presidential election victory.
No one is expecting the British construction company to win the contract to build a wall along the USA’s southern border with Mexico. However, Balfour Beatty has significant operations in the USA, contributing £3bn of its £8bn revenues last year.
Balfour Beatty’s share price opened at 256.3 pence on the morning Trump’s victory was declared and rose to 282 pence during the day.
City speculators clearly think the company is well paced to benefit from Trump’s promised investment in road and rail infrastructure.
Trump’s campaign promises included spending a trillion dollars on infrastructure over 10 years. Just 15% of Balfour Beatty’s US revenue came from infrastructure last year; 85% came from the general building market.
Crane makers Manitowoc and Terex also saw their share prices rise on the day of Trump’s victory, by 14% and 15% respectively.
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This article was published on 10 Nov 2016 (last updated on 10 Nov 2016).