FTSE takes a battering from metal

Rio Tinto fell 2.19% to 2,630p and BHP Billiton was down 3.06% at 934.50p. The property market also took a bashing after a raft of real estate stocks were downgraded by Merrill Lynch. Liberty International dropped 2.56% to 1,104p, Great Portland Estates fell 3.63% to 458.50p and Unite was 5.66% lower at 425p. Land Securities also fell 2.18% to 1,842p, while British Land dropped 2.78% to 1,222.50p. Broker notes also had a negative impact on BT, which was downgraded to sell by ABN Amro as the Dutch broker downplayed recent bid speculation. BT's shares fell 0.86% to close at 229.75p. ...