aust listed reits index, page-6

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Sydney Morning Herald
REITs roar back
Carolyn Cummins
March 17, 2009 - 6:03PM

The beleaguered real estate investment trust sector staged a share market recovery today, rising 5%, as investors shrugged off recent bad news and a spate of capital raisings.

Brokers said the sector rallied hard over the last 90 minutes of trade on broader market futures-related buying.

Anticipation of more interest rate cuts and a belief the trusts have been oversold in recent weeks, were the triggers for the buying, which led the trusts to outperform the overall market for the first time in 2009.

The gains were also despite an 8% collapse of the REIT sector in the US overnight, where investors were spooked by renewed concerns about the solvency of retail giant General Growth.

Westfield, a direct competitor of General Growth, moved up 3.3% to $10.53, despite broker Credit Suisse reducing its price target to $11 from $12.50 and downgrading its rating from "outperform'' to "neutral''.

The broker said its 2010 earnings estimates are 4.1% below the general market consensus, based on a belief (contrary to consensus) that earnings will decline from 2009.

"We predicate this belief on a combination of equity dilution, higher debt costs, and declining retail occupancies in the US and UK,'' Credit Suisse's analysts said.

All the major players were pushed higher, with Goodman Group rising 8.3% and Charter Hall up 4.4%.

The sharp gains saw both stocks receive a speeding ticket from the ASX, but neither group could offer any concrete explanation for the gains.

Property developer FKP has also had a heady rise of about 25% this week, and brokers said it may also be the subject of an ASX price query in coming days.