The listed property sector was the biggest loser in the first quarter of 2018, largely because of sustained weakness in the share prices of the Resilient group of real estate companies and MAS Real Estate. Management within the Resilient group has been accused of share manipulation in numerous reports, which suggest share prices were kept artificially high by a series of secretive trades by people closely related to the group. MAS Real Estate’s share price came under pressure due to the euro weakening against the rand and also MAS’s surprise decision to suspend work on a mixed-use project in Ljubljana, Slovenia. According to research by Anchor Stockbrokers, the FTSE-JSE South African listed property index (SAPY) recorded a total loss of 19.61%, including capital and income contributions. The best-performing sector was bonds, which delivered a total return of 8.06%, followed by cash, which achieved 1.72%, and then equities with a total loss of 5.97%. Volatility subsides The property ...

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