London afternoon: Property stocks a drag

After spending the lunchtime session in positive territory the Footsie has fallen back into the red, with property companies leading the way down.Land Securities, British Land, SEGRO and Hammerson are all under the cosh as investors cool on the sector following huge cash calls this week by Liberty International and Songbird Estates.Canary Wharf property owner Songbird is to issue 62bn shares at a penny each as part of a rescue plan that will enable it to reduce indebtedness while increasing its stake in Canary Wharf Group. Elsewhere in the sector Great Portland Estates has splashed out £45.8m on a retail and office building in the heart of London's financial district.London Stock Exchange is lower after it said the average daily value traded on its SETS electronic trading system declined by 43% in the five month ended August.3i is also down. The private equity group has extended its revolving credit facilities to 31 October 2012 but cautioned that private equity and mergers and acquisition markets remain subdued.Software group Autonomy is going well after it announced a license agreement for its 'Intelligent Data Operating Layer' software with the European Commission this morning.Pub group Mitchells & Butlers expects earnings for the current year to be slightly above current market estimates thanks to its improved sales performance. The group saw same outlet like-for-like sales growth of 2.6% in the 10 weeks to 19 September. In the 51 weeks, like-for-like sales growth was 1.6% and total retail sales were up by 3.4%.The statement also encouraged buyers in other pub groups with Enterprise Inns and Punch Taverns the best performers on the FTSE 350 at present.Defence group BAE Systems is to take full control of BVT Surface Fleet Limited, its joint venture with fellow defence firm VT Group. VT has exercised its option to sell its 45% holding in the company to BAE Systems for around £346m in cash.Losses soared at the troubled discount sports retailer JJB Sports in the half year to July 26 during a tough period which saw the firm narrowly avoid going into administration. Pre-tax losses during the period widened to £42.9m from £13.9m as revenues slumped to £178.6m from £310.4m.Sterlite Industries, a subsidiary of Indian miner Vedanta Resources, said a chimney under construction at its BALCO site in Korba, India, has collapsed. Full scale relief and rescue operations are underway, with the involvement of the company and the government resources. Work activities in the immediate area have been temporarily suspended, but otherwise operations remain unaffected.Home maintenance specialist Homeserve said it has sold its emergency services division for up to £11m as it focuses on its higher margin, higher growth membership businesses. Advertising firm M&C Saatchi saw revenues fall in the first half of 2009, but managed to stay profitable despite extremely difficult conditions for the sector. Pre-tax profits during the period fell to £5.4m from £8m over the same period the previous year as total revenues declined to £49.8m from £51.8m.Electronic components distributor Premier Farnell has acquired CadSoft Computer, a German-based computer aided design (CAD) developer, for up to €12m.Legacy software specialist Micro Focus heads higher after saying the integration of its recent acquisitions is going well, and current trading is in line with trends seen at the time of the company's interim management statement.