The Scentre Group (ASX: SCG) share price is in the green this morning despite no news having been released by the company.
Though, it might be word from the company’s real estate investment trust (REIT) peers that has boosted the market’s sentiment for the retail property group.
Right now, the Scentre share price is $3.12, 0.65% higher than its previous close.
However, earlier today the REIT’s stock reached $3.25, representing a 4.8% gain.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.33%.
Let’s take a look at what might be helping drive the value of Scentre’s shares higher on Thursday.
Scenter share price gains on Thursday
The Scentre share price is on the way up alongside those of Centuria Industrial REIT (ASX: CIP) and Vicinity Centres (ASX: VCX) today.
Both Centuria and Vicinity’s stock is being boosted by news their asset valuations have increased.
Centuria has led the charge, boasting a valuation increase of 9.6%, or $281 million.
Meanwhile, Vicinity announced a preliminary asset valuation increase of $309 million – a 2.2% boost to its book values.
Right now, the Vicinity share price is 1.59% higher, while that of Centuria is up 1.01%.
Though, those gains aren’t the ones leading the S&P/ASX 200 A-REIT Index‘s (ASX: XPJ) 1.15% surge.
The Stockland Corporation Ltd (ASX: SGP) share price is leaving those of its peers in the dust today. It has soared 3.75% at the time of writing.
The company’s stock is being driven higher on news of its 2021 final dividend, which will see 12 cents deposited into shareholders’ pockets for every security they hold in the REIT.
As The Motley Fool Australia reported this morning, that sees Stockland’s total dividends for 2021 nearing pre-COVID-19 levels.
Thus, the Scentre share price might be being boosted by positive sentiment surrounding the ASX’s REIT sector today.
Today’s increase brings its year to date gains to 12%. It has also increased 3% since this time last month.
The post Why is the Scentre (ASX:SCG) share price climbing today? appeared first on The Motley Fool Australia.
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More reading
- Own the Vanguard Australian Property ETF (ASX:VAP)? Here’s what you’re invested in
- Only a few ASX 200 companies have received this honour and Scentre (ASX:SCG) just joined them
- 2 high yield ASX dividend shares named as buys
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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