Australia's Stockland drops after flagging weakness in residential market

Stockland

19/08/2022 02:52

** Shares of Stockland Corp Ltd  SGP.AX  fall as much as 4%
to A$3.66 in their biggest intraday pct loss since June 29
    ** Real estate firm posts strong top-line figures but says
it witnessed market moderation over Q4 in residential segment
due to higher interest rates  urn:newsml:reuters.com:*:nASX6CGPqR
    ** "Consecutive interest rate rises leading to moderating
inquiry and buyer urgency, impacting July 2022 sales and
enquiry" - SGP
    ** Adds it expects further rate hikes to lead to demand and
price moderation over next 12 months across its key markets of
New South Wales, Victoria, Queensland and Western Australia
    ** Market is likely to focus on disappointing July
residential sales and lower Q4 inquiries that halved from
elevated Q3 levels - UBS
    ** SGP stock hits its lowest level since July 5, among
biggest percentage losers on the benchmark ASX 200  .AXJO 
    ** SGP down 10.1% this year, as of last close

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))