1.1% rise enough to overtake sliding stock market and take three-month gains to 18%
Property shares have outstripped the FTSE All-Share index as they edged up 1.1% in June.
The All-Share index fell 2.8% over the month and over three months managed only a 3.3% increase, compared to property’s 17.5% leap over the period.
Takeover talk gave Canary Wharf shares a 42.5% boost last month – and 71% over three months – after Morgan Stanley’s Real Estate fund confirmed it had made an approach, and later when it was revealed Canadian conglomerate Brascan Corp was considering entering the race.
The third top gainer, Compco, gained 26.3% over the month after it recommended a cash offer from private group City & General valuing the central London specialist at £147.2m.
June’s top gainer, Marylebone Warwick Balfour, gained 45.5% in June as it announced a 6,100 sq ft letting at its Marble Arch Tower development and revived its share buyback programme, prompting Deutsche Bank to snap up 2.5m shares.
Flexible space provider Workspace revealed its 10th successive year of growth in its prelims, giving its shares a 9.8% boost. But June’s losers included the likes of Land Securities, British Land and Slough Estates.
Sun stops shining on LandSec
LandSec shares fell 3.6% over the month, not helped by Royal & SunAlliance’s decision to drop plans to outsource its £200m property portfolio, for which Trillium was vying.
Slough’s 5.7% fall came despite newly appointed chairman Ian Coull’s review of activities and two deals it struck with Deutsche Post’s logistics subsidiary, DHL Solutions, for over 380,000 sq ft of space.
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June 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 30/06/03 |
Rise/fall on month (p) |
Rise/fall on month (%) |
Rise/fall on 3 months (%) |
||
|
Top 10 gainers |
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|
1 |
Marylebone Warwick Balfour |
68.9 |
60.0 |
18.75 |
45.5 |
53.9 |
|
2 |
Canary Wharf |
1500.5 |
256.5 |
76.5 |
42.5 |
71.0 |
|
3 |
Compco |
145.4 |
389.0 |
81.0 |
26.3 |
77.2 |
|
4 |
Quintain Estates |
392.4 |
310.5 |
53.0 |
20.6 |
34.7 |
|
5 |
Rugby Estates |
26.1 |
229.0 |
34.0 |
17.5 |
31.2 |
|
6 |
Freeport |
173.8 |
344.5 |
38.5 |
12.6 |
50.8 |
|
7 |
Workspace Group |
187.2 |
1122.5 |
100.0 |
9.8 |
12.8 |
|
8 |
Warner |
190.9 |
375.0 |
31.5 |
9.1 |
13.6 |
|
9 |
CLS |
215.3 |
241.0 |
19.5 |
8.8 |
20.8 |
|
10 |
Benchmark |
166.0 |
170.5 |
13.5 |
8.6 |
52.2 |
|
Top 10 losers |
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|
1 |
Slough Estates |
1406.6 |
338.0 |
-20.5 |
-5.7 |
12.6 |
|
2 |
Land Securities |
3629.1 |
779.5 |
-29.0 |
-3.6 |
5.6 |
|
3 |
Brixton |
521.8 |
214.0 |
-7.0 |
-3.2 |
11.5 |
|
4 |
British Land |
2316.0 |
473.0 |
-14.5 |
-3.0 |
16.5 |
|
5 |
NHP |
227.8 |
113.0 |
-2.75 |
-2.4 |
15.0 |
|
6 |
Hammerson |
1418.4 |
514.0 |
-6.0 |
-1.2 |
20.9 |
|
7 |
Chelsfield |
860.7 |
305.0 |
-3.5 |
-1.1 |
41.9 |
|
8 |
Smith James |
45.9 |
274.5 |
-2.0 |
-0.7 |
25.1 |
|
9 |
Panther Securities |
26.8 |
157.5 |
– |
– |
5.0 |
|
10 |
Great Portland Estate |
471.2 |
232.0 |
1.5 |
0.7 |
7.2 |
|
FTSE All-Share |
1998.86 at 03/06/03 |
1942.95 at 01/07/03 |
-2.8 |
3.3 |
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FTSE Property Index |
1941.40 at 03/06/03 |
1962.20 at 01/07/03 |
1.1 |
17.5 |
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Source: PA Listings |
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