London’s FTSE 100 was up 0.6% at 6,793.00 in afternoon trade on Tuesday.
Land Securities and British Land were both higher as FTSE 250 peer Hammerson surged after saying it was seeking to convert a former flagship Debenhams in Leicester into housing
The real estate investment trust, a specialist in retail properties, said it had submitted plans to redevelop the former store at its Highcross shopping centre into 300 residential units, all of which will be available for rent.
Hammerson has submitted the application in conjunction with Packaged Living, a specialist in the private rental sector founded in 2018 and backed by investment management firm Fiera Real Estate.
AstraZeneca was a high riser after Jefferies upgraded the shares to ‘buy’ from ‘hold’, saying the pharmaceuticals company’s impressive revenue and profit trajectory is compelling relative to EU peers, with improving quality of earnings and cash flow generation set to ease concerns.
Also on Tuesday, the European Medicines Agency said there was “no indication” that AstraZeneca’s Covid-19 vaccine causes blood clots. Emer Cooke, executive director of the EMA, said at a press conference that the agency remains convinced the benefits of the vaccine outweigh the risk of side effects.
NatWest lost ground after the Financial Conduct Authority started criminal proceedings against the bank for money laundering. The FCA said NatWest allegedly accepted “increasingly large cash deposits” totalling £365m into the accounts of a UK incorporated customer between November 2011 and October 2016, including £264m in cash.
Shell and BP gushed lower as oil prices fell.
FTSE 100 – Risers
Land Securities Group (LAND) 705.40p 3.96%
Rolls-Royce Holdings (RR.) 122.45p 3.77%
AstraZeneca (AZN) 7,236.00p 3.70%
Schroders (SDR) 3,504.00p 3.64%
British Land Company (BLND) 526.00p 3.42%
Ocado Group (OCDO) 2,183.00p 3.26%
3i Group (III) 1,213.00p 3.19%
Berkeley Group Holdings (The) (BKG) 4,463.00p 2.67%
JD Sports Fashion (JD.) 858.00p 2.61%
Scottish Mortgage Inv Trust (SMT) 1,188.00p 2.59%
FTSE 100 – Fallers
Royal Dutch Shell ‘B’ (RDSB) 1,452.40p -2.29%
Royal Dutch Shell ‘A’ (RDSA) 1,516.80p -2.17%
BP (BP.) 309.95p -1.96%
NATWEST GROUP PLC ORD 100P (NWG) 185.20p -1.72%
Burberry Group (BRBY) 2,077.00p -1.66%
Just Eat Takeaway.Com N.V. (CDI) (JET) 7,232.00p -1.47%
CRH (CDI) (CRH) 3,387.00p -1.40%
Antofagasta (ANTO) 1,720.50p -0.92%
Compass Group (CPG) 1,595.00p -0.75%
BAE Systems (BA.) 503.60p -0.71%
