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Sunday 22nd of November 2009
November 20, 2009    

SEGRO leads London real estate lower

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by Elaine Frei
SEGRO leads London real estate lower

European equities markets were lower to end the week Friday as the real estate and travel sectors took hits in London and the oil sector fell along with crude oil prices.

The FTSE 100 was 0.31 percent lower to 5,251.41 in London, while the FTSE 250 dropped 0.75 percent to 9,167.6.

Developer and investor SEGRO (LSE: SGRO) led the real estate sector lower with a declne of 3.71 percent, while Hammerson (LSE: HMSO) dropped 3.14 percent, while in the related homebuilders sector Barratt Developments (LSE: BDEV) dropped 5.2 percent for the worst day in its sector.

Travel agent Thomas Cook Group (LSE: TCG) turned in the worst performance on the 100 and led its sector lower with a decline of 4.26 percent, followed by TUI Travel (LSE: TT), which dropped 4 percent on the session.

The declines came after Morgan Stanley downgraded Thomas Cook from “overweight” to “underweight” and cut its recommendation on TUI from “overweight” to “equal-weight”.

The worst performance in London came from IT services group Computacenter (LSE: CCC), which dropped 5.72 percent on the 250.

Public transport operator National Express Group (LSE: NEX) led the 250 and all gainers in London as it added 7.6 percent, while Cable & Wireless (LSE: CW) turned in the best performance on the 100 after JPMorgan Chase raised its recommendation on the telecommunications group from “neutral” to “overweight”.

Heritage Oil (LSE: HOIL) was the only gainer in London’s energy sector as the oil and gas explorer added 5.07 percent on the session.

The FTSE Eurofirst 300 was down 0.74 percent to 1,003.2 while the Dax fell 0.68 percent to 5,663.15, the CAC-40 was 0.82 percent lower to 3,729.36 and the IBEX dropped 1.07 percent to 11,719.3.

Asia Pacific markets were mixed on the session, with more decliners than gainers.

In Tokyo, the Nikkei 225 was down 0.54 percent to 9,497.68, but the Topix index added 0.12 percent to 838.71 and the Mothers market of small and mid-cap stocks gained 4.73 percent to 834.46.

In a second straight day of active trade, banks were higher after recent declines on worries about how they would meet to capitalization rules, with Mitsubishi UFJ (TYO: 8306) adding 1.1 percent while Mizuho Financial Group (TYO: 8411) was up 1.9 percent and Sumitomo Mitsui Financial Group (TYO: 8316) was 3.5 percent higher.

Shares related to the semiconductors sector were lower after Thursday’s downgrades in the sector by Bank of America Merrill Lynch.

Nikon Corp (TYO: 7731) fell 2.8 percent while at the same time Advantest (TYO: 6857) was down 2.9 percent and Tokyo Electron (TYO: 8035) dropped 3 percent.

Among gainers in the region, South Korea’s Kospi was fractionally higher at 1,620.6 while the Straits Times Index was up 0.1 percent to 2,761.54 and India’s Sensex gained 1.41 percent to 17,021.85.

The Shanghai Composite was 0.37 percent lower to 3,308.35 while the Hang Seng fell 0.83 percent to 22,455.84 in Hong Kong and Taiwan’s Taiex was down 0.99 percent to 7,682.97.

In Australia, the Sydney Ordinaries fell 1.28 percent to 4,706.7 and the S&P/ASX200 dropped 1.33 percent to 4,685.8

New York markets were lower in midday trade as the Dow Jones Industrial Average was down 0.44 percent to 10,286.87, the Nasdaq Composite had dropped 0.85 percnt to 2,138.39 and the S&P 500 was 0.61 percent lower to 1,088.26.

The declines came on bad news from computer maker Dell (NAS: DELL), which said its profits fell 54 percent in the third quarter, while homebuilder D. R. Horton (NYSE: DHI) said it lost more in its fiscal third quarter than it had anticipated.

Additionally, the energy sector declined on lower prices for crude oil.

Gold and copper prices were up around midday, but some other metals prices were lower.

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