UK property stocks, homebuilders gain as weak PMI data eases rate-hike fears
24/08/2023 08:48
** The FTSE Real Estate index .FTUB3510 , which includes
commercial property firms and real estate investment trusts
(REITs), gains 1.6%
** UK homebuilders' index .FTNMX402020 rises 1%
** Shares of UK real estate firms gain after weak economic
data for Britain and the euro zone eased fears for further Bank
of England (BoE) rate rises
** Preliminary purchasing manager indexes for August for
Britain and the euro zone were below expectations of all
economists polled by Reuters
** BoE is now marginally predicted to make only one more
increase to Bank Rate, taking it to 5.50% on Sept. 21, though a
significant minority of economists polled by Reuters still
expect rates to go even higher this year
** Supermarket Income REIT SUPR.L , a firm which invests in
retail property and holds a large portfolio of supermarkets,
rises about 3%, making it top pct gainer on the Real Estate
index
** Warehousing specialist Warehouse REIT WHRW.L and
healthcare facilities provider Primary Health Properties PHP.L
rise 2.3% and 2.5%, respectively
** Mid-cap affordable housing-focused player Vistry VTYV.L
top pct gainer on the homebuilders' index, gaining 2.3%
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))