SA’s listed property stocks have had a relatively subdued reaction to the downgrade by S&P Global Ratings and the dismissal of Pravin Gordhan as finance minister and Mcebisi Jonas as his deputy. Analysts have said that while listed property prices had held up in general, they might feel pain in coming weeks. Two of the largest listed property groups have only experienced gradual share-price falls. The share price of the largest locally listed property company, Growthpoint Properties, has fallen 3.81% over the past week. It closed 0.71% lower at R25.07 on Thursday. The price of another large real estate group, Redefine Properties, has fallen 3.67% over the past week. It closed 0.09% lower on Thursday at R10.74. The FTSE/JSE South African Listed Property index (SAPY) fell 1.78% on Thursday. This meant it was 1.96% lower for the week so far. It lost 3.17% last week and has effectively fallen only 2.63% lower this year to date. This is while bond prices had also weakened. By the end of ...
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