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    LAND   GB00BYW0PQ60

LAND SECURITIES GROUP PLC

(LAND)
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FTSE 100 slips as slowdown worries, inflation fears persist

09/24/2021 | 04:31am EDT

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* AstraZeneca jumps on positive cancer drug trial results

* Growth fears cause hefty drop in UK consumer confidence

* Outsourcer Mitie Group gains on positive profit forecast

* FTSE 100 down 0.4%, FTSE 250 off 0.9%

Sept 24 (Reuters) - London's FTSE 100 ended lower on Friday as concerns about a slowdown in global economic growth outweighed gains in healthcare and energy stocks.

The blue-chip FTSE 100 index eased 0.4%, but snapped its three-week losing streak. Retailers, industrial miners and life insurers were the top losers.

"Miners were weak as investors started worrying about the potential fall-out should Evergrande go bust. Commodities demand could tumble if the Chinese property market experiences a crash," said Russ Mould, investment director at AJ Bell.

Limiting further losses were healthcare stocks led by AstraZeneca, which jumped 2.0% after trials of its prostate cancer drug Lynparza showed positive results.

The index has gained nearly 1.3% this week, recording its best week since mid-August, with the healthcare and energy stocks leading the rally.

However, growing worries over energy bills, food costs and tax hikes prompted a hefty drop in British consumer confidence this month as people became more downbeat about the economic outlook.

"Persistent and rising inflation would suggest that central banks have to act soon to get the situation under control which means interest rate hikes sooner rather than later," Mould added.

UK's benchmark bond yields jumped to their highest since March 2020, signalling rising inflation pressures.

The FTSE 100 has gained nearly 9.5% so far this year on higher energy prices and accommodative central bank policies.

However, it has significantly underperformed a 17% rise in its European peers as worries over slowing economic growth coupled with higher inflation pressures weighed on investor sentiment.

The domestically focussed mid-cap index fell 0.9%, and marked its third weekly losses.

British outsourcer Mitie Group rose 2.0% after it raised its fiscal 2022 profit forecast.

Land Securities fell 1.4% after saying it sold two retail parks for 54.3 million pounds ($74.51 million) as part of a plan to exit its non-core businesses.

Petrofac gained 24.8% after the oilfield services provider reached a plea agreement with UK's fraud prosecutor relating to the investigation into the company's past dealings in the Middle East. (Reporting by Shashank Nayar and Amal S in Bengaluru; Editing by Saumyadeb Chakrabarty, Subhranshu Sahu and Giles Elgood)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC 1.50% 8996 Delayed Quote.22.83%
LAND SECURITIES GROUP PLC 0.06% 680.4 Delayed Quote.0.98%
MITIE GROUP PLC 0.31% 65 Delayed Quote.58.54%
PETROFAC LIMITED -0.38% 155.9 Delayed Quote.12.89%
All news about LAND SECURITIES GROUP PLC
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10/07LAND SECURITIES : Landsec Launches Final Phase of Public Consultation on the O2 Centre Mas..
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Analyst Recommendations on LAND SECURITIES GROUP PLC
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Financials
Sales 2022 528 M 726 M 726 M
Net income 2022 52,9 M 72,7 M 72,7 M
Net Debt 2022 3 307 M 4 547 M 4 547 M
P/E ratio 2022 14,8x
Yield 2022 4,78%
Capitalization 5 037 M 6 933 M 6 926 M
EV / Sales 2022 15,8x
EV / Sales 2023 15,1x
Nbr of Employees 530
Free-Float 97,8%
Chart LAND SECURITIES GROUP PLC
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Technical analysis trends LAND SECURITIES GROUP PLC
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 680,40 GBX
Average target price 766,53 GBX
Spread / Average Target 12,7%
EPS Revisions
Managers and Directors
Mark Christopher Allan Chief Executive Officer & Director
Vanessa Kate Simms Chief Financial Officer & Executive Director
Cressida Hogg Non-Executive Chairman
Nick de Mestre Managing Director-Strategy, Research & Innovation
Colette O'Shea Chief Operating Officer & Executive Director
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