US housing/Reliance worldwide

In their AGM trading update, RWC referenced “the downturn in existing home turnover”, which “is causing a decline in the remodeling and repair activity”.

That is a key driver of their business, activity that normally happens around the time of a sale.

Well, the US housing sales numbers overnight will not be cause for much comfort.

I was wrong about JHX, the thing is unkillable. But surely it can’t be a misread for all the other players, as not everyone can be taking share!

Anyway, we use it to remain underweight the builders, in general, and RWC specifically, until we see better pricing.

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