Individual company recoveries, major projects and key deals ensure real estate moves upwards
Property shares have begun 2001 by outperforming the wider stock market, as they did for most of last year.
The FTSE Real Estate index rose nearly 5% in January, while the All-Share only managed a 2% rise – aided by an interest rate cut in the US.
Over three months, the quoted property sector rose nearly 10%, while the All-Share dropped 1%.
Nursing Home group NHP showed the greatest increase, rising more than 60% to 31.75p, unaffected by reporting afull-year loss of £13.7m (1999 profit: £18m).
Quoted agent Savills, a widely tipped share at the beginning of the year, rose 30% in January, aided by reports that it is to manage the European property portfolio of American Express.
Downward movement
CLS, which has a one-third stake in Irvine Sellar’s London Bridge Tower project, rose 16% last month. The project moved a step closer to realisation when plans for the £1bn tower were unveiled earlier this month, acting as a fillip for CLS shares.
There was little significant downward movement in property shares. OnlyChester-based Barlows, down 8%, fell more than 5%. Significantly, only four of January’s top-10 fallers – Freeport, London & Associated, A&J Mucklow and Town Centre Securities – have seen their share prices drop over three months.
Freeport, Town Centre and London & Associated are all heavily weighted in retail property, while Mucklow has suffered after being ejected from the FTSE Smallcap index.
After the previous month’s widening, the gap between Real Estate and the All-Share has continued to narrow
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January property shares: the highest risers, the hardest fallers |
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The table shows property share price movements for companies with a market capitalisation above £15m |
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Market cap (£m) |
Share price at 29/01/01 |
Rise/fall om month (p) |
Rise/fall on month (% |
Rise/fall on 3 months (%) |
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Top 10 gainers |
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|
1 |
NHP |
44.2 |
32.0 |
12.0 |
62.8 |
51.2 |
|
|
2 |
Savills |
172.8 |
282.0 |
63.5 |
29.1 |
42.8 |
|
|
3 |
CLS |
257.3 |
232.5 |
32.0 |
16.0 |
10.2 |
|
|
4 |
Chesterton International |
33.8 |
40.5 |
5.5 |
15.7 |
70.5 |
|
|
5 |
Green Properties |
546.9 |
492.5 |
57.5 |
13.2 |
15.9 |
|
|
6 |
Asda Property Holdings |
176.7 |
234.0 |
26.5 |
12.8 |
23.8 |
|
|
7 |
McKay Securities |
70.4 |
190.0 |
17.0 |
9.8 |
15.2 |
|
|
8 |
Brixton Estates |
643.2 |
265.0 |
23.5 |
9.7 |
10.2 |
|
|
9 |
Estates & General |
34.8 |
125.5 |
11.0 |
9.6 |
11.6 |
|
|
10 |
Jermyn Investment Property |
79.1 |
497.5 |
43.5 |
9.9 |
22.8 |
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Top 10 losers |
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1 |
Barlows |
34.7 |
61.5 |
-5.0 |
-7.5 |
1.7 |
|
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2 |
Pillar Properties |
513.7 |
358.5 |
-16.0 |
-4.3 |
6.2 |
|
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3 |
London & Associated |
20.4 |
26.0 |
-1.0 |
-3.7 |
-2.8 |
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4 |
Saville Gordon Estates |
135.1 |
86.5 |
-3.3 |
-3.6 |
7.1 |
|
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5 |
Great Portland Estate |
611.3 |
285.0 |
-9.0 |
-3.1 |
11.8 |
|
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6 |
Warnford |
141.1 |
367.5 |
-7.5 |
-2.0 |
8.9 |
|
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7 |
Mucklow |
114.5 |
175.0 |
-3.0 |
-1.7 |
-0.6 |
|
|
8 |
Town Centre Securities |
86.6 |
104.0 |
-1.5 |
-1.4 |
-1.9 |
|
|
9 |
Daejan |
191.5 |
1175.0 |
-12.5 |
-1.1 |
15.2 |
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|
10 |
Freeport |
224.7 |
545.5 |
-5.5 |
-1.0 |
-1.8 |
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FTSE All-Share Index |
2984 at 29/01/01 |
3037 at 29/01/01 |
1.78 |
-0.96 |
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FTSE Real Estate Index |
2181 at 29/01/01 |
2282 at 29/01/01 |
4.60 |
9.23 |
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Source: PA Listings |
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