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Johannesburg - Listed property stocks recorded a slight drop in January as investors - fearing slower growth in 2010 - took a more cautious approach in anticipation of February's results announcements.
The SA Listed Property Index inched down 0.25%, its first monthly drop since June 2009. The Property Loan Stock Index and Property Unit Trust Index recorded total monthly returns of -0.64% and 0.78% respectively.
According to a Catalyst Fund Managers report, the anticipated growth drop will be driven mainly by a gradual uptick in vacancy levels, lower growth in rental yield and higher operating costs.
However, Catalyst's Paul Duncan said results released so far look promising.
Last week, Resilient reported a 14.21% increase in distribution to 194.13 cents per linked unit for the year to end-December. Capital Property Fund reported a distribution of 54.58c/unit, a 14.4% increase.
Winners and losers
Mohamed Kalla, a real estate analyst at Barnard Jacobs Mellett, said Resilient is one of the group's industrial stock picks for 2010.
"Listed property remains an attractive alternative to cash and bonds," said Catalyst.
Over the last 12 months, listed property came in as the second-best performing asset class. The index offered total annual returns of 14.07%, compared to equities (32.13%), cash (10.34%) and bonds (-0.99%).
Individual stocks which performed well in January include Fortress-B and SA Corporate, recording total returns of 5.42% and 5.36% respectively. The two biggest losers of the month are Growthpoint (-2.14%) and Vukile (-4.63%).
- Fin24.com