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Market subdued on Stockland Corporation Ltd (ASX:SGP) Q1 update

Shares in diversified property group Stockland Corporation Ltd (ASX: SGP) are down almost 1% to $3.85 at the time of writing on the release of its first-quarter market update today ahead of its AGM.

The update maintained, while residential trading conditions are moderating, Stockland is on track to deliver more than 6000 settlements in FY19 with CEO Mark Steinert saying the company is focused on “building resilience” across its diverse portfolio.

Stockland has gained market share in NSW, Victoria, and Queensland over the last 12 months with its national market share up from 11.4% in June 2017 to 14.5% in June 2018.

Stockland’s $350 million share buyback, announced in September, remains active, with the company confirming it was on track to deliver profit in line with FY19 guidance.

Elsewhere in the industry Lendlease Group (ASX: LLC) shares are on the up again after a period of declines from an early August 52-week high of $21.60, sitting at $17.79 at the time of writing.

Lendlease was named as one of the top 9 stocks to own by Bell Potter this month, with Brambles Limited (ASX: BXB) and Challenger Ltd (ASX: CGF) also on the list.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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