The recent spate of cash calls from the banks continue to get a poor reception. Bradford & Bingley is the worst hit at the moment, down another 10% to 120p. This compares with the 158.75p the shares were trading at before last Wednesday's surprise move from the bank, and the 82p a share rights issue price.
Analysts are increasingly concerned the cash call may be cold-shouldered by the bank's investors, although the picture is complicated by the fact that B&B's shares are heavily shorted. Meanwhile Royal Bank of Scotland is 14.25p lower at 252.25p, and its nil paid rights are down 15.5p to 52.5p.
HBOS, which is also tapping shareholders for cash, is down 13p at 456.25p and Alliance & Leicester, considered by some to be the next in line for a rights issue, has fallen 11.75p to 429.25p.
Despite the weakness in the banks, the overall market has moved higher. The FTSE 100 is up 14.6 points at 6318.9, helped once more by the miners. Kazakhmys is up 103p to £19.36 after a recommendation from Credit Suisse.
The bank said: "We are raising our price target on Kazakhmys from £23 to £27 per share, and adding it to our Credit Suisse European Focus List. We are also raising our earnings per share estimates for Kazakhmys by 3.9% to $3.95 in 2008 and 8.5% to $3.90 in 2009 to reflect our increase in copper forecasts to $4.00 per pound on April 28."
Vedanta, up 124p to £26.85p, and Anglo American, 116p higher at £36.56. have both been raised from hold to buy at Citigroup.
Satellite broadcaster BSkyB has also been lifted by a broker's note, up 13p to 537p as Deutsche Bank edged up its price target from 650p to 660p.
But Deutsche has helped knock back British Airways, moving from buy to sell, and cutting its target price from 361p to 200p. ABN Amro was also negative on the airline, saying: "We see BA's recent rally in the face of rising oil prices as unjustified and downgrade to sell, with out target unchanged at £2. BA is making sensible moves in this tough environment, but we see downside risks to revenue and challenges in lowering non-fuel costs."
British Airways is currently down 12.5p at 220.5p.
