Market wrap: REITs close higher as Sunak reshuffles cabinet

Shares in the FTSE 100’s REITs have risen as new prime minister Rishi Sunak assembles his new cabinet. Sunak, who formally took up the role of prime minister earlier today, has reappointed Jeremy Hunt as chancellor. SEGRO was among the standout performers in the blue-chip index, rising by about 7.1% to end the day at 798p per share. Landsec was also a top riser, gaining 5.9% to reach 568.8p. British Land was up by 3.7% to close at 363.1p, while housebuilder Taylor Wimpey was up 4.2% at 95.1p. Although real estate stocks enjoyed an uplift, the broader FTSE 100 stayed in the red at 7,013 points. The index was partly hit by a fall in HSBC Holdings, which was down by about 6.8% at 442.9p after reporting a decline in quarterly earnings. The FTSE 250 closed up by more than 2.8% at 17,831 points.   To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews Image from Pixabay/Pexels