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Northern Rock sees its shares hit a three-year low

The UK’s third biggest lender Northern Rock has seen its shares hit a three-year low during trading yesterday, another sign of the liquidity crunch hitting the UK mortgage market.

The lender saw its shares drop more than 5 per cent at 687 ½ p at close of trading yesterday. On Tuesday, its shares fell 14p to 726p after analysts at Credit Suisse said that there was a chance that the bank would “further downgrade full-year guidance at some point soon”.

Northern Rock’s half year results saw the lender announce a 9.7 per cent share of the residential mortgage market, up dramatically from 8.7 per cent at the same time last year.

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