Sector movers: Property updates worry investors

13th May 2009 14:43

Property groups are lower on a busy day for the sector. Brixton falls after it said it was still considering an equity raising as it sold four industrial units to AEW Europe for £70.25m. FTSE 100-listed Land Securities is also lower after it saw its net asset value slashed by two-thirds in 2008 in what it described as 'unprecedented market conditions.'In other property news, Hammerson, down 8%, has sold the last of its property in Germany, raising gross proceeds of €70m. Among smaller companies, management at AJ Mucklow have taken a 10% pay cut for a year, ahead of what is expected to be a tough 12 months for the property group. Rental income remained steady during the third quarter, but market conditions remain challenging and tenant demand for new space has weakened, it says.Tobacco stocks are higher, with Lambert and Butler maker Imperial recovering some of the losses it posted yesterday, when it reported that it fell into the red in the first quarter.Top performing sectors so far todayFood Producers & Processors 3,732.99 +2.50%Pharmaceuticals & Biotechnology 7,546.36 +2.43%Mobile Telecommunications 2,876.50 +1.06%Gas, Water & Multiutilities 3,766.57 +1.00%Tobacco 20,688.96 +0.95%Bottom performing sectors so far todayLife Insurance 2,780.19 -7.46%Real Estate 1,527.76 -7.13%Forestry & Paper 1,941.54 -6.61%Mining 13,411.92 -6.56%Banks 3,811.08 -6.14%