Land Securities Share News (LAND)

(ShareCast News) - London's blue chip index was boosted by a bevvy of rebounding financials and property stocks, though they were topped by a surging rise from Associated British Foods.AB Foods danced more than 10% higher after it said the significant weaking of the pound since the Brexit vote had improved the outlook for the current financial year and it no longer expect a decline in adjusted earnings per share.ABF, which also said it had "very little cross border trade" between the UK and other EU states, also reassured that it was sticking to plans to expand its Primark fast-fashion chain across Europe and the US.Numis cautioned that while the upgraded outlook on full year EPS was a plus, Primark's margins would come under pressure due to drop in the value of the pound. The broker, which also eyed modest like-for-like negative for sales this full year for Primark to allow for the adverse March and April weather, cut its target price to 3,016p from 3,145p to reflect the impact on Primark.On the currency effect, market analyst Naeem Aslam at Think Markets said the sterling rout was the primary factor that has enabled ABF to strengthen its position outside its home market."The weakness in the currency is the main denominator for the FTSE 100 index and investors will look very carefully that how lower currency has enabled firms to boost their profits."Housebuilders, led by Taylor Wimpey, Barratt Developments and Persimmon were also dominating the top risers, as house price data from Halifax showed prices in June rose 1.3% on a month on month basis. However, underlying data suggested that growth may be slowing.The bounce was also seen at real estate investment trusts (REITs) including Land Securities and British Land, which was somewhat of a surprise as it came on the day when a seventh UK property fund suspended redemptions for investors, taking the value of frozen real estate funds to more than half of the sector's £25bn total.Investors are apparently on the sidelines, according the BoE Financial Stability Report, and might be tempted to do some bottom-fishing, analysts suggested. Analyst Chris Beauchamp at IG added that Thursday's bounce was a continuation of the ebb and flow of sentiment over the past few days in REITs and banks. "Today, the pendulum has swung back to cautious optimism, but this is likely a pause in an ongoing rout in the share prices. With property funds continuing to shutter, investors are likely to continue to pull money from both banks and REITs on concerns that the UK is entering a property slump."Royal Bank of Scotland, having fallen from 250p on the day of the referendum to its lowest level since 2009 on Wednesday, bounced strongly along with Lloyds and Provident Financial, who likewise have been battered in recent days.As dovish sounds were reported from the latest Federal Reserve policy meeting, traders in London feel rates could be about to fall as the Bank of England reacts to the EU referendum decision. Following strong hints from Governor Mark Carney last week that rates will be cut this summer, overnight index swaps imply a 78% chance of a cut at next week's BoE meeting and an 86% probability of a cut by August, with a 27% chance rates will be 0% by then.Glencore was lifted by reports on the potential $2bn sale of its Vasilovskoye gold mine. Bloomberg suggested China's Silk Road Fund, partnered with China National Gold Group Corp, is considering buying the asset and that discussions are underway but no certainty. Analysts at Investec said that in the current market it is likely easier to sell a gold asset than other assets that the company has been seeking to exit.Fallers were led by profit taking in gold miners Randgold and Fresnillo, which had been chased higher by safe haven flows around Brexit worries.Burberry, which was also a slight faller, and Next, were both going ex-dividend on Thursday. FTSE 100 - RisersAssociated British Foods (ABF) 2,812.00p 10.14%Provident Financial (PFG) 2,435.00p 9.19%Royal Bank of Scotland Group (RBS) 160.30p 7.66%Lloyds Banking Group (LLOY) 50.60p 6.41%Schroders (SDR) 2,338.00p 6.22%Dixons Carphone (DC.) 296.70p 5.36%London Stock Exchange Group (LSE) 2,542.00p 5.35%Glencore (GLEN) 167.95p 5.20%Anglo American (AAL) 763.30p 4.53%Taylor Wimpey (TW.) 121.00p 4.40%FTSE 100 - FallersRandgold Resources Ltd. (RRS) 9,170.00p -5.61%Fresnillo (FRES) 1,931.00p -3.83%Pearson (PSON) 949.00p -0.58%Mediclinic International (MDC) 1,100.00p -0.54%National Grid (NG.) 1,109.50p -0.54%United Utilities Group (UU.) 1,027.00p -0.48%Mondi (MNDI) 1,363.00p -0.44%Severn Trent (SVT) 2,470.00p -0.32%Hikma Pharmaceuticals (HIK) 2,562.00p -0.23%Burberry Group (BRBY) 1,167.00p -0.17%