BUZZ-Bellway: strong H1 propels shares to all-time high

** Like fellow housebuilders, Bellway (LSE: BWY.L - news) enjoys robust start to yr, with H1 pretax profit up 53 pct at 158.9 mln pounds, sending shares up 4.1 pct to a record

** To increase payout to investors at the half-yr stage by 56 pct to 25p a share

** Stock, up c.3 pct YTD, has lagged 10-17 pct YTD gains from peers Persimmon, Taylor Wimpey (LSE: TW.L - news) , Bovis Homes (LSE: BVS.L - news) , Redrow (LSE: RDW.L - news) , Crest Nicholson

** Analysts at Jefferies say the fact Bellway more of a growth than a cash return story could explain underperformance

** Investors have been drawn to housebuilders' impressive cash returns in low-return world driven by robust demand

** Move in gilt yields also helping general sector breakout on Wednesday: Thomson Reuters UK Homebuilding index hits all-time high as 10-year yields fall below 1.5 pct, from 1.96 pct on March 3

(RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)