Ignis' Ormiston adds to construction ahead of next leg of Europe rally

Anna Fedorova
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Ian Ormiston has added to European construction stocks in his Ignis European Smaller Companies fund in the expectation this area of the market is in line to benefit from a economic recovery.

The manager has invested in toilet maker Sanitec and flooring company Tarkett, both plays on increasing housing transactions; he also added French housebuilder and estate agent Nexity and insulation producer Kingspan to the portfolio. "Construction is a theme in the portfolio, but it has not taken hold across Europe," Ormiston (pictured) said. "I see it spreading in line with the recovering economies." "Most of Europe - certainly Italy, Spain, Holland and Denmark - are all at a very low build rate, but have growing populations. These countries have undersupplied the housing market for...

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