Real estate-related stocks are benefiting from a rising market - Grand City is not as strong.
FRANKFURT (dpa-AFX) - Grand City Properties' financial results, which analysts considered quite positive, did not drive shares in this residential real estate group on Wednesday. SDax-listed stocks lost 0.2 percent in the afternoon. Europe's real estate sector, the weakest in the Stoxx 600 index, fell 0.7 percent, mirroring the market's recent gains.
In light of easing inflationary pressures in the U.S., investors now assume interest rates have peaked.
The figures presented by Grand City for the first nine months of the year appear to have caused investors to lock in profits. However, UBS analyst Charles Boissier said the residential real estate group remains on track to meet its confirmed forecast for key metrics.
The results are slightly above his own estimates and characterized by good quality due to continued solid rental growth, wrote analyst Kai Klose of Berenberg Bank.
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