Australia's Stockland drops after flagging weakness in residential market

Stockland

19/08/2022 05:43

(Updates with Citi comments)
    ** 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 topline, but flags
moderation through Q4 in residential segment urn:newsml:reuters.com:*:nASX6CGPqR
    ** "Consecutive interest rate rises leading to moderating
inquiry and buyer urgency, impacting July 2022 sales and
enquiry" - SGP
    ** Adds, further rate hikes could lead to demand and price
moderation over next 12 months across key markets of New South
Wales, Victoria, Queensland and Western Australia
    ** Citi expect FY2023 guidance to be "conservative"
    ** 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 Archishma Iyer and Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))