What’s going on here?
London’s FTSE 100 is basking in the glow of real estate gains, edging towards record highs with a little help from some sector stars.
What does this mean?
The FTSE 100 held its ground with the support of real estate stocks, while the mid-cap FTSE 250 advanced 0.5% by late morning. Robust moves in residential and real estate sectors, rising 1.2% and 1.7% respectively, provided a welcome uplift. Prudential’s shares jumped 4.6% amid exploration of new listing opportunities in India, and Barratt Developments saw a 5% rise, buoyed by optimistic profit forecasts and a share buyback plan. However, it wasn’t all sunshine: oil and gas slipped by 0.8% in tandem with falling oil prices, and the mining sector faced setbacks due to declining gold and aluminum prices. Yet, TBC Bank defied the trend, soaring 10.5% after unveiling an enhanced dividend payout.
Why should I care?
For markets: Riding the real estate wave.
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