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UK shares rise on energy boost; Real estate stocks fall after Jefferies downgrade

Signs for the London Stock Exchange Group are seen outside the Canary Wharf offices in London, Britain, August 3, 2023. REUTERS/Toby Melville/file photo Acquire license rights

  • Energy, healthcare drive UK stocks higher
  • Real estate stocks fall after Jefferies downgrade
  • FTSE 100 up 0.1%, FTSE 250 up 0.1%

Sept 27 (Reuters) – London shares reversed course on Wednesday in a volatile session helped by gains in energy and healthcare stocks, while real estate shares fell after Jefferies analysts said the beleaguered London office market is in a “rental recession”.

Both the FTSE 100 (.FTSE) and FTSE 250 indices were up 0.1% at 0836 GMT.

energy stocks (.FTNMX601010) gained 0.5%, boosted by a 7% jump in Ithaca Energy (ITH.L) after Great Britain gave the green light to the development of the rose bench Oil and gas field in the UK North Sea.

“Ithaca Energy has been on a rollercoaster ride since launching on the London market, weighed down in part by the windfall tax. Therefore, the approval is a ray of light for the company,” Susannah Streeter, director of Hargreaves money and markets. Lansdown said in a note.

Oil prices rose more than $1 a barrel, further helping energy stocks, as markets focused on tight supply heading into winter.

London is at war office market is in a “rental recession” as empty space volumes in the capital’s West End, City and Canary Wharf shopping districts hit a 30-year high, Jefferies analysts said.

Real estate securities (EARTH.L)British land (BLND.L)Derwent London (DLN.L) and Great Portland Estates (GPEG.L) fell 1% to 3% after Jefferies downgraded all shares.

The broadest real estate index (.FTNMX351020) fell 0.9%.

Post-pandemic, the implementation of flexible work policies for employees (work from home and hybrid work setups) by companies and corporations has partly curbed the demand for huge office rental spaces.

Reuters Charts

Healthcare Actions (.FTNMX201030) they rose 0.6%.

He European Medicines Agency (EMA) will discuss the risk that patients taking Wegovy, Ozempic or similar medicines may suffer certain complications under anesthesia that can lead to pneumonia, according to an agenda published on the regulator’s website.

Flutter (FLTRF.L) Shares rose 1.1% after the owner of Fanduel and Paddy Power said it had bought an initial stake. 51% participation in Serbia’s second sports betting and gaming operator, MaxBet, for 141 million euros ($148.95 million).

Reported by Siddarth S in Bengaluru; editing by Eileen Soreng

Our standards: The Thomson Reuters Trust Principles.

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