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LAND - Land Securities News Story

939.4p -7.6  -0.8%

Last Trade - 11/12/19

Sector
Financials
Size
Large Cap
Market Cap £7.02bn
Enterprise Value £10.79bn
Revenue £757.0m
Position in Universe 126th / 1843

Britain's FTSE dips as Fed minutes, financials weigh

Thu 6th April, 2017 5:13pm
* FTSE 100 down 0.4 pct at close 
    * Banks weigh as Fed minutes indicate balance sheet 
shrinkage 
    * Pearson hit by Exane downgrade, trades ex-div 
    * Woodford-backed Allied Mind drops below IPO price 
 
 (Adds detail, updates prices at close) 
    By Helen Reid and Kit Rees 
    LONDON, April 6 (Reuters) - British shares dropped on 
Thursday after minutes of the Federal Reserve's last meeting 
indicated the bank would shrink its balance sheet later this 
year. 
    The FTSE 100  .FTSE  was down 0.4 percent at 7,303.20 points 
at its close, with financials the biggest drag, taking almost 11 
points off the index. U.S. equities had dipped on Wednesday 
 urn:newsml:reuters.com:*:nL2N1HD1WE. 
    "There were two elements in the Fed minutes: the fact that 
some officials thought equities were overvalued; but the smarter 
money is looking at the fact balance sheet reduction seems to be 
indicated towards the end of this year," said Panmure Gordon 
chief economist Simon French. 
    Lloyds  LLOY.L , which traded ex-div, was among the biggest 
fallers, down 2.2 percent, while Barclays  BARC.L  fell 1 
percent.  urn:newsml:reuters.com:*:nL5N1HB2PX,  
    Pearson  PSON.L  was down 6.7 percent, also ex-div and 
further weighed by a downgrade from Exane to 'underperform'.  
    "Structural pressures in U.S. higher education courseware 
are now well documented in the share price. However, we raise 
fresh concerns on the sustainability of double-digit growth in 
Pearson's U.S. virtual schools business," the broker said. 
    The FTSE 100 was also under pressure from a firmer sterling, 
as a large number of FTSE constituents are dollar-earning firms. 
April is the month when UK companies make big dividend payouts, 
and is one reason why the pound has traditionally risen then. 
 urn:newsml:reuters.com:*:nL5N1HB615 
    Real estate was the top European sector, and British Land 
Company  BLND.L  and Land Securities Group  LAND.L  were up 1.7 
to 2.3 percent. Shares in easyJet  EZJ.L  were the top gainers, 
rising 4.2 percent  
    Intellectual property firm Allied Minds  ALML.L  was the 
biggest mid-cap faller, down 5.4 percent and touching a record 
low, trading below its IPO price for the first time. This took 
the shares' year-to-date decline to over 62 percent.  
    The company, 28 percent owned by Woodford Investment 
Management, had its worst ever day on Wednesday after cutting 
funding for seven of its portfolio companies  urn:newsml:reuters.com:*:nL5N1HD1DO. 
    Jefferies however raised the stock to 'hold' from 
'underperform'. 
    "Allied Minds' new CEO has taken less than a month to cull 
the weaker companies in the portfolio," said the broker. "This 
has happened more quickly and broadly than we expected, but we 
see this $147 million hit as decisive rather than panicked or 
precipitated."  
 
 (Reporting by Kit Rees and Helen Reid; editing by John 
Stonestreet) 
 ((kit.rees@thomsonreuters.com; +44 207 542 2784;)) 
  
((  
For related prices, Reuters users may click on - *  
 UK stock report      .L      
 FTSE index:          0#.FTS6   
 techMARK 100 index:  .FTT1X          FTSE futures:      0#FFI:   
 Gilt futures:        0#FLG:          Smallcap index:     .FTSC   
 FTSE 250 index:      .FTMC           FTSE 350 index:     .FTLC   
 Market digest:       .AD.L           Top 10 by vol:      .AV.L   
 Top price gainers:   .NG.L           Top % gainers:      .PG.L   
 Top price losers:    .NL.L           Top % losers:       .PL.L   
  
  
 * For related news, click on - * 
 UK hot stocks:      [HOT and GB]     Wall Street:           .N  
 Gilts report:        GB/             Euro bond report  GVD/EUR  
 Pan European stock report:  .EU  
 Tokyo stocks:        .T              HK stocks:            .HK  
 Sterling report:     GBP/            Dollar report:       USD/  
  
  
 * For company prices, click on - * 
 Company directory:   UKEQ           By sector:           FTAX   
  
  
 * For pan-European market data, click on - * 
 European Equities speed guide................  EUR/EQUITY   
 FTSE Eurotop 300 index...........................  .FTEU3   
 DJ STOXX index...................................  .STOXX   
 Top 10 STOXX sectors........................  .PGL.STOXXS   
 Top 10 EUROSTOXX sectors...................  .PGL.STOXXES   
 Top 10 Eurotop 300 sectors..................  .PGL.FTEU3S   
 Top 25 European pct gainers....................  .PG.PEUR   
 Top 25 European pct losers.....................  .PL.PEUR )) 
 
Keywords: BRITAIN STOCKS/
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