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FTSE 100 falls as property firms slide Pound and property shares head lower
(about 1 hour later)
The London market opened lower, with shares in property firms down after Standard Life Investments suspended trading in its UK property fund. Shares in property firms dragged the FTSE 100 lower after Standard Life Investments suspended trading in its UK property fund.
The company blamed the move on "exceptional market circumstances" following the EU referendum result.The company blamed the move on "exceptional market circumstances" following the EU referendum result.
The FTSE 100 index fell 11.89 points to 6,510.37, while the FTSE 250 dropped 139.40 points to 15,977.30. The FTSE 100 index fell 35.33 points to 6,486.93, while the FTSE 250 sank 374.05 points, or 2.3%, to 15,742.65.
Shares in housebuilder Persimmon fell 4.2%, despite the company reporting a rise in half-year revenues. The pound was down sharply, dropping 0.8% against the dollar to $1.3177 and down 0.9% against the euro to €1.1814.
The company said it was "confident" about its prospects, and that it was too early to say how the UK's vote to leave the EU would affect the sector.
All firms in the property sector saw their shares fall. Land Securities was down 5% and British Land was 4.2% lower.
On the currency markets, the pound fell 0.8% against the dollar to $1.3180, and dropped 0.7% against the euro to €1.1829.
Analysts are waiting for the Bank of England's latest Financial Stability Report, due out later. The Bank is expected to relax capital requirement rules for banks following the referendum result.Analysts are waiting for the Bank of England's latest Financial Stability Report, due out later. The Bank is expected to relax capital requirement rules for banks following the referendum result.
Property gloom
Among property shares, housebuilder Persimmon fell 6% despite it reporting a rise in half-year revenues.
The company said it was "confident" about its prospects, and that it was too early to say how the UK's vote to leave the EU would affect the sector.
But the news from Standard Life Investments cast a shadow across the entire property sector. Shares in Barratt Developments fell 6.2% while Land Securities dropped 5.4%.
Standard Life Investments said the number of investors asking to withdraw their money had increased following the EU referendum vote.
"The suspension was requested to protect the interests of all investors in the fund," it said in a statement.
The last time Standard Life stopped investors taking their money out of the fund was during the 2008 financial crisis.
The £2.9bn fund invests in a mixture of commercial real estate in the UK, including office blocks, shopping centres and warehouses.