LendLease leads construction shares lower
It hasn’t been a good 2018 for construction shares. Looming fears of a housing market correction, international trade uncertainty and political instability have all contributed to falling support for the sector. In a broad sell-down, market leaders James Hardie, Boral and CSL are all looking at booking significant 2018 share price falls of between 15%-30%.
LendLease has now joined the fray announcing a $350m writedown related to infrastructure projects (notably Sydney’s NorthConnex) and general wet weather. Its share price is currently $13.55 (as at 14:30pm 12/11/18) compared with a 52 week high of $21.73.
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***Please note that this article does not, and is not intended to constitute financial advice.