Shopping Centres Australasia rises on likely sales rebound as virus curbs ease

Region Re

19/10/2021 04:01

** Shares of Shopping Centres Australasia Property Group
 SCP.AX  rise as much as 2.9% at A$2.80 - biggest intraday pct
gain since Sept. 17
    ** Stock posts highest level since Sept. 24; marks third
consecutive session of gains
    ** Shopping centres operator sees strong rebound in sales
for New South Wales (NSW) specialty tenants in Q2 FY22, helped
by easing lockdown restrictions (https://bit.ly/3vruyze)
    ** Expects collection rates in NSW to return to normal in
November
    ** Expects specialty tenants sales to rebound in Victoria
once curbs are eased
    ** Posts total turnover growth of 2.1% for September,
compared with 4.6% for June 
    ** Says lockdowns in NSW and Victoria led to "sales
volatility" in Q1 FY22 for tenants including specialty tenants
and mini-major retailers    
    ** Stock up 7.9% so far this year, vs a 12.5% increase in
the ASX All Ordinaries index  .AORD  
    


 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))