This article is from the Australian Property Journal archive
LISTED property companies bounced back strongly yesterday following a wipe out earlier this week.
The ASX 200 REIT index closed the day 39.43 points higher or 3.29% at 1,239.60.
The gain more than offset Monday’s 2.93% decline, where the market lost 36.22 points to close at 1,200.20.
At the same time, the ASX 300 Real Estate indices climbed 3.26% or 91.06 points to 2883.35.
The most traded stock was Federation Centres with over 33.33 million volume of shares traded. FDC shares closed 1.81% higher at $2.81.
Although it was Abacus Property Group that outperformed, jumping 5.57% to $3.03, followed by Investa Office Fund with 4.95% to $3.82, Dexus Property Group with 4.95% to $7.56, GPT with 4.39% to $4.52 and Westfield Corporation with 4.04% to $9.52.
Not a single constituent within the ASX 200 REIT indices fell yesterday.
However the ASX 300 Real Estate saw four properties go against the recovery trend. Ingenia Communities Group fell 1.08% to 46.5 cents, despite the company posting a 51% jump in full year underlying profit of $17.5 million.
The second worst performer was 360 Capital Group, declining 0.42% to $2.40, Aveo Group dipped 0.36% to $2.76 and Astro Japan down 0.20% to $4.99.
Meanwhile residential property exposed developers which on Monday took a beating from investors also bounced back.
AVJennings rose 3.23% to close at 64 cents after 7.46% decline on Monday.
Villa Wood climbed 3.24% to $2.23, recovering from a 5.68% fall earlier.
Cedar Woods nudged 1.01% higher to $5.00 after falling 3.13%.
Finbar increased by 1.34% to $1.13 whilst Peet lifted further by 0.45% to $1.12.
Surprisingly new kid on the block, Simonds Group, went against the market and fell 1.69% to $1.45 after jumping 1.72% on Monday.
Diversified property giants Mirvac increased 2.87% to $1.79, Lend Lease up by 4.45% to $14.33 and Stockland went up 1.76% to $4.04.
Australian Property Journal
