GPT share price recovers

SHARE prices have risen for GPT, owner of the Dandenong Plaza and Parkmore Shopping Centre, after the announcement it will sell its hotel and tourism portfolios.
Prices dropped early this month after GPT revealed it expected earnings for the 2008 calendar year to be significantly less than anticipated at its May annual general meeting.
But last week the company revealed it would sell its hotel and tourism portfolios – news that has pleased shareholders based on the share price.
On 16 July, GPT’s share price closed at $1.39, down by almost 3.5 per cent on the previous day.
A week later, and following its announcement, GPT’s share price had risen to $1.64 on 22 July.