April sees property shares reined back
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” The real estate sector eased back in April after the exceptionally strong run of the past six months, as excitement over real estate investment trusts ran out of steam. The monthly fall of 3% means property’s three-month performance has been cut from double-digit returns earlier in the year to 6.5%. The All-Share by comparison inched ahead in April, recording an overall rise of just over 1%.
” Most property companies saw falls, with only six companies ending the month higher, and British Land the only large cap that managed a rise. However, most falls were modest.
” The biggest loser was Minerva, down 35p, or nearly 11%. The company, whose chairman Sir David Garrard is caught up in the alleged cash for peerages scandal, saw its share price hit earlier in the month by concerns that it had shelved plans to build the Minerva Tower in the City of London. Later in April, Andrew Rosenfeld stood down as non-executive chairman.
” London & Associated was the month’s best performer, with a 9% rise to 112p. Last week, the company unveiled a net asset value rise of 18% to 116p at 31 December 2005, and pretax profits broadly unchanged at £17.9m (from £18.6m last year).
