Friday, November 16, 2007
A&L down 4.5%; Barclays down 2%; Interbank rate UP; Property groups tanking
Property groups were also on the slide as RICS data showed demand from tenants had fallen dramatically. British Land was down 5 per cent at 867p, driven by Lehman Brothers cutting from overweight to equal weight and warning that the market was fearful of a further writedown of the unsold Meadowhall shopping centre and risky further City developments. Land Securities lost 4 per cent to £14.39 thanks to Citigroup cutting its price target.UK Commercial Property Trust was down 5 per cent to a new low of 68p.