Property boom cannot build up FTSE

Property stocks advanced after bullish words on the sector from JP Morgan following publication of the government’s draft proposals for REITs (real estate investment trusts). Land Securities gained 3.04% to 1,659p, while Hammerson climbed 1.94% to 999p. British Land also gained 2.04% to 1,023.5p, after the broker lifted price targets for the major players by an average of 10% and repeated ‘overweight’ advice on the sector. Meanwhile amongst the miners, Xstrata fell 31p, or 2.28%, to 1,326p, while BHP Billiton dropped 1.4% to 878.5p. Rio Tinto also slipped 1.29% to 2,455p, as copper pr...