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Financial Times: Footsie recovers but caution reigns for property groups

By Neil Hume and Robert Orr
Published: June 30 2007 03:00 | Last updated: June 30 2007 03:00

EXTRACT

Royal Dutch Shell enjoyed further gains. Up 2.6 per cent on Thursday after Morgan Stanley said the company was undervalued by £60bn, shares in the energy group gained a further 1.1 per cent to £20.83 thanks to a rising crude price and positive comments from Credit Suisse.

Reiterating its £22 target price, the broker said there could be $25bn (£12.5bn) of disposals in the pipeline as the company continues its restructuring programme.

“Disposals, if well executed, could drive the shares closer to fair value, improve operation efficiency and allow staff to be redirected to growth areas,” the broker said.

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