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LAND - Land Securities News Story

995.8p 24.8  2.6%

Last Trade - 14/02/20

Large Cap
Market Cap £7.38bn
Enterprise Value £11.19bn
Revenue £748.0m
Position in Universe 126th / 1833

UPDATE 1-Suffering sterling supports FTSE, activist stake boosts Whitbread

Wed 6th December, 2017 4:49pm
* FTSE 100 up 0.3 pct as sterling suffers * Dollar earners cushion FTSE gains * Financials, tech, real estate weigh * Whitbread jumps on Sachem Head stake * Hammerson to buy Intu Properties * Saga drops after profit warning (Updates prices, adds quotes, detail) By Kit Rees and Helen Reid LONDON, Dec 6 (Reuters) - Britain's top share index was lifted from a two-month low on Wednesday as Brexit negotiations dented the pound, while Costa owner Whitbread got a late boost when activist investor Sachem Head declared a stake in the company. Britain's blue chip FTSE 100 .FTSE index rose 0.5 percent to 7,364.05 points, outperforming a negative European market thanks to a weaker sterling, down 0.4 percent on the day. Large dollar-earning firms, for whom a weaker sterling/dollar exchange rate boosts earnings, were top gainers, with British American Tobacco BATS.L , Imperial Brands IMB.L , Diageo DGE.L and Unilever ULVR.L rising 1.9 to 4.1 percent. Whitbread WTB.L was a late riser to the top of the FTSE, shooting up 7.8 percent after U.S. activist investor Sachem Head revealed a stake in the Costa coffee owner.*:nL8N1O64MJ Tracking weakness in the broader European market, financials took nearly 6 points off the index, with shares in HSBC HSBA.L , Lloyds LLOY.L and Barclays BARC.L up to 0.8 percent lower as enthusiasm over U.S. tax reform, which had boosted lenders in the past week, dissipated. Jitters in tech drove Micro Focus MCRO.L and WorldPay WPG.L down. Mid-cap cybersecurity firm Sophos SOPH.L , which has been the best-performing FTSE 250 stock this year, up a cool 105 percent, also tumbled 3.7 percent as investors shunned highly-valued tech stocks. DEAL OR NO DEAL? Investors' eyes were glued to developments in fraught Brexit negotiations which have caused swings in sterling. "Whether or not there is 'sufficient progress' on Brexit divorce talks by the EU Council Summit on 14/15 December is key to our economic outlook," said Bank of America Merrill Lynch strategists in a note. Irish Prime Minister Leo Varadkar said negotiations over how Brexit would change sensitive Northern Irish border arrangements could pick up again in the new year if a deal was not made this week.*:nL8N1O63SR British press reports no such deal would be reached sent sterling down on Wednesday. Deal-making, of the corporate kind, also added some spice at the single-stock level. Shares in Hammerson HMSO.L fell 6.1 percent to the bottom of the FTSE after the real estate investment firm said it would buy shopping centre operator Intu Properties INTUP.L , revealing investors' anxieties about value creation in a difficult environment for commercial real estate.*:nL8N1O6146 "Shareholders will want to see assets sold down in the merged company to help fund the deal and to reflect the lower demand for brick and mortar stores," said LCG's Jasper Lawler. Shares in Intu Properties, however, leapt 15 percent and were on track for their biggest one-day gain on record. Intu's shares were down almost 30 percent ahead of the announcement. Stifel analysts were more upbeat on the deal: "We think the market will welcome an enlarged REIT which will be... more meaningful from a global perspective for REIT investors." Among other standout movers, shares in travel group Saga SAGAG.L dropped 24.8 percent after a profit warning.*:nL8N1O61O7 <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ British Real Estate Stocks ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Kit Rees and Helen Reid; Editing by Hugh Lawson and Toby Davis) ((; +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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