Market fears lead to heavy losses for built environment sector
Architecture, construction and real estate firms saw dramatic losses yesterday amid market chaos and fears of a second recession sparked by fears over US and Eurozone economies.
Engineering and architecture firm Atkins’ share price fell 1.85% yesterday, closing at 638 from an opening price of 656.5. Prices hit a low of 635.5, the worst performance since 26 May 2010 when prices fell to 630.5.
The majority of construction and real estate firms also suffered losses as a result of yesterday’s turmoil. Shares in real estate investment trust Hammerson fell nearly 7% from 463.9 to 432.9.
Property investor British Land’s share price fell more than 5% from 595.5 to 563, while construction company Balfour Beatty also suffered 5% losses, opening at 282.7 and closing at 268.5.
Architecture firm Aukett Fitzroy Robinson remained stable at a price of 2.25. However, the company’s performance has been slipping since February this year after hitting a high of 3.62.