Summary
FINANCIAL and housebuilding shares were battered yesterday as reverberations from the dramatic bailout of Northern Rock by the Bank of England due to the wholesale markets credit crisis also jolted the wider stock market.
A profits warning from Northern Rock, which said profits could be as much as GBP 150 million below City expectations this year, slashed the mortgage lender's shares by a further near-third to 438p.See the full content of this document
Extract
Northern Rock 'Crisis' Hits House Builders
They had already halved so far this year, and Northern's chief executive, Adam Applegarth, admitted yesterday it made the bank more vulnerable to a takeo...
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