Bravely, like a paladin on a milk white palfrey, I challenged Dye on this preposterous claim, pointing out that volume growth would sustain profits. Unfortunately my valour meant nothing to the chaps and chapettes in the City, and they slashed housebuilders' share prices.
Many, many gallant warriors fell on that Square Mile of blood-soaked mud. Nearly 7% was slashed off Wimpey, leaving it at 422p by close of play Friday. Westbury bled 6.4%, falling to 463p.
Berkeley was battered down 9.1% to 945.5p. Wilson Bowden was not immune to the pain, stumbling 5.8% to 1096p. And 8.8% was lopped off Bovis Homes; it ended the week at 545.5p.
These are just a few of the heroes of last week's war, laid waste by Dr Doom's self-fulfilling prophecy. But don't worry, we shall regroup and retaliate come the next results season later this year.
Keep going with Hyder. There’s more to come
Hunch of the week
One housebuilder that really did not need Dr Doom's help last week was Countryside Properties. Dye only compounded the impact that Countryside's profit warning had on its share price, which fell 16.5% to 226p.
Still, it could be worse. Jarvis has already been slapped down several times in what has been a bruising 2004 thus far. Then, just when it thought it had recovered – BIFF!! – it falls back 24.3% to 134p.
This was the result of the departure of finance director Robert Kendall and a warning that its accommodation services division is likely to make a £5m loss. City speculation continues to mount that Jarvis' wounds could prove grave. However, I wouldn't bet against it climbing off the canvas one last time, to make a Rocky-like recovery.
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