Market wrap: REITs and housebuilders drop as FTSE closes in the red
Real estate companies accounted for some of the largest falls in London trading today (20 September).
The FTSE 350 ended the day down by 29 points, or 0.73%, at 3,981. That drop brought together a 0.6% slide for the FTSE 100 and a sharper 1.4% fall for the FTSE 250.
Equities have been hit ahead of what is expected to be another interest rate rise from the Bank for England later this week in the face of an increasingly gloomy economic outlook.
Real estate companies accounted for some of the largest falls in London trading today (20 September).
The FTSE 350 ended the day down by 29 points, or 0.73%, at 3,981. That drop brought together a 0.6% slide for the FTSE 100 and a sharper 1.4% fall for the FTSE 250.
Equities have been hit ahead of what is expected to be another interest rate rise from the Bank for England later this week in the face of an increasingly gloomy economic outlook.
In the FTSE 100, seven of the 15 sharpest-falling stocks were real estate companies, including the three REITs British Land (-4.2%), SEGRO (-4.1%) and Landsec (-3.6%); housebuilders Persimmon (-6.5%), Barratt Developments (-5.6%) and Taylor Wimpey (-4.2%); and student accommodation group Unite (-4.6%).
Similarly, real estate accounted for seven of the 15 biggest fallers in the FTSE 250, led by an 8.4% drop for Countryside Partnerships and a 6.4% fall for merger partner Vistry. Sirius Real Estate, Safestore and LXi REIT all dropped by more than 6%.
A rare real estate gain came from Scottish housebuilder Springfield Properties, which this morning hailed a record year with boosts to revenue and profit. Its shares rose by 3.6% to close at 116p.
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