Stockland (ASX:SGP) shares closed at $4.04 today, an increase of 22c or almost 6%.
Investors appear confident that the worst is behind for the property development and investment management group.
In the recent October 20 annual general meeting, Stockland’s chairman said that the company was “confident about the year ahead” and that it remained on track to achieve FY10 earning guidance of 28 cents per security.
Despite posting a hefty $1,800M loss for the year, the company maintained that it had outperformed its peers on the Australian Real Estate Investment Trust index over the last five years by 6% each year, and 12% in the more difficult year just past.
Last week Stockland announced that Tim Foster had been appointed as the company’s new CFO, replacing Hugh Thornburn, who is retiring. Foster most recently was head of the Corporate Services Division at HBOS.
Stockland has a market capitalisation of $9,033M and if earning guidance is correct will be delivering a return of just over 7% on the current share price.