Sector movers: SEGRO weighs down REIT sector

21st Feb 2012 16:16

Real estate investment trusts (REITs) were falling today, with FTSE 250 industrial property owner SEGRO among the worst performers.SEGRO sent out mixed messages with its 2011 results this morning, with earnings per share up, net asset value (NAV) per share down and profits before tax turning into a loss. Reported loss before tax was £53.6m in 2011, versus a profit in 2010 of £197.2m, but on a European Public Real Estate Association (EPRA) basis profit before tax climbed to £138.5m from £127.3m the year before. EPRA earnings per share advanced to 18.4p from 17l.1p in 2010, while EPRA NAV per share declined 9.6% to 340p from 376p. Regular old-fashioned NAV per share dipped 5.7% to 345p from 366p in 2010. Shares were trading down 1.94% at 232.1p in afternoon trade, after Chief Executive David Sleath said that he expects the "macro environment to remain unsettled for some time to come, both in the UK and Continental Europe."Chemicals stocks were the best performers of the day, with Croda International providing a lift.The FTSE 250 speciality chemical producer announced today that it had achieved a profit before tax of £60m in the final quarter of 2011, a rise of 22.7% compared to the same period of 2010. For the full year, the company saw pre-tax profits rise 25.9% against 2010, hitting £242.2m by the end of December. Total sales for the year were £1.068bn compared to £1.002bn in 2010, a 6.6% rise. Croda says it will increase the final dividend by 19.8% to 30.25p, making a total dividend for the year of 55.0p, an increase of 57.1% over 2010. Shares were up 3.84% at 2,109p before the close.BCTop performing sectors so far todayChemicals 8,203.42 +0.65%Mining 22,602.43 +0.61%Electronic & Electrical Equipment 3,353.76 +0.46%Pharmaceuticals & Biotechnology 9,775.32 +0.39%Mobile Telecommunications 4,078.93 +0.33%Bottom performing sectors so far todayIndustrial Metals & Mining 4,613.18 -2.52%Real Estate Investment Trusts 1,882.87 -1.54%Industrial Engineering 7,978.60 -1.25%General Industrials 3,067.05 -1.18%Construction & Materials 3,704.07 -1.12%