Paragon, mortgage lender declined sharply after it proposed rights offering at 90% disscount. UK manufacturing index declined 0.2%.
UK stocks fell closed lower after the U.S. markets fell sharply. FTSE 100 Index fell 0.33% or 20.7 to 6,202.00. The Office of National Statistics reported today that manufacturing output fell 0.2% in the quarter to November 2007 compared to the previous quarter to August. Northen Rock sold 2% of its mortgage portfolio to JP Morgan at 50 million pounds more than the book value. Paragon, mortgage lender, fell sharply after it proposed to raise funds by offering stock at 90% discount.
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