AIM MARKET: Builders need solid foundations in real estate
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As in the main market, builders and associated companies listed on Aim have taken a battering. Buffeted by severe financing constraints and collapsing property values, most have seen their market values take a dramatic tumble.
From a peak of about 12,250 points on the eve of the credit crisis midway through 2006, the FTSE Aim Construction and Materials Index fell to less than 3,000 points in March. It has since staged a recovery, albeit slight in the context of its fall, and by the end of last week stood at about 4,200 points.
From peak to trough, the index fell 76pc. While it is up 43pc over the past three months, it remains 66pc below its peak. That compares with a peak-to-trough tumble in the FTSE All-Share Construction and Materials Index, made up of main-market companies, of 63pc. That index has climbed a more modest 35pc but remains 50pc below its peak.
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