Town Centre Securities topped the REIT risers in London today, its shares finishing the session up by 6.6% to a post-Covid high of 145p.
Last week the company launched a £5m share buyback programme, its first since the early 2000s.
With shares trading at a sharp discount to NAV of 286p, TCS said reducing the number of shares in circulation would be “an appropriate means of returning value, whilst maximising sustainable long-term growth for shareholders”.
The day’s biggest real estate fall was posted by Crest Nicholson, shares in which fell by 5.4% to 411.8p, a month low, losing the gains made yesterday after it gave a boost to its earning guidance.
The FTSE 100 ended the session at 7,136, a rise of 0.4%. The FTSE 250 closed at 22,646, up 0.6%.
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