Retail landlords enjoy stock market boost after lockdown easing announcement

Retail landlords enjoy stock market boost after lockdown easing announcement
Shares in Frasers Group also rose 1.2% even as the firm said that keeping Covid-19 restrictions in England in place until April 12 could cost it more than £100m.
// Retail landlords British Land, Landsec and Hammerson among the biggest risers in the stock market yesterday
// Their shares were buoyed by news of non-essential reopening from April 12

Tuesday proved a happier day than Monday on London’s top index as investors in firms hit by Covid-19 celebrated the UK’s potential road map out of lockdown.

Commercial landlords that have a significant stake in the retail sector were among the best performers of the day after the government unveiled plans which could open to non-essential retail exiting lockdown from as early as mid-April.

British Land and Land Securities, as well as shopping centre giant Hammerson, were boosted by investors looking forward to the opening of shopping centres, CMC Markets analyst Michael Hewson said.


READ MORE:


It helped propel the FTSE 100 to a 0.2 per cent rise by the end of the day, up 13.7 points to 6625.94.

Although international travel is still some way off, airline and travel shares such as British Airways owner IAG, aeroplane engine maker Rolls-Royce, Both easyJet and Tui all registred growth.

“Over the last three days this renewed buoyancy has been evident in anticipation of a possible reopening, and with a set of deadlines to focus on, there is a renewed sense of optimism that we could well see an end point for restrictions which would mark a slow return to some sort of normal,” Hewson said.

However, the joys of a potential economic reopening was less evident than it might have been because of losses made by largely digital companies that have thrived through lockdown.

Among them, online retailer Ocado dropped 2.75 per cent.

Meanwhile, shares in Sports Direct parent company Frasers Group rose 1.2 per cent even as the firm said that keeping Covid-19 restrictions in England in place until April 12 could cost it more than £100 million.

with PA Wires

Click here to sign up to Retail Gazette’s free daily email newsletter

LEAVE A REPLY

Please enter your comment!
Please enter your name here