Listed property companies have recovered some of their stock market losses despite falls in the Asian markets overnight.
Chinese stock markets fell over 7.6% last night as the lack of confidence worsened.
However, the FTSE 100 recovered on Tuesday by around 2.5% as fears of contagion diminished and faith was restored in European and US markets.
Property companies, which have outperformed the FTSE in recent years, underperformed this morning compared to stronger recoveries in other sectors.
British Land recovered from a close of 799p per share on Monday to trade at around 813p by 10am on Tuesday – up 1.75%. It was, however, still significantly down on its monthly peak of 877p following strong half-year results.
Land Securities also saw its share price nose dive 8% from highs of 1,335p for the month to a low of 1,217p by the close of Monday’s trading. Recovery has been strong however in early trading on Tuesday clawing back nearly 2% of its value to around 1,245p.
Industrials specialist Segro saw its share price fall slightly more, by 10% from its monthly peak of 463.8p following the Asian turmoil. It too has recovered by 1.3% from the lows of Monday to around 419p.
Outside the UK, US and Canadian markets fell substantially on Monday, dragging Brookfield’s group share price down 7% to C$27.22 (£13.06).
