Market wrap: Intu plummets in hours before administration

Intu’s share price plummeted 55.19% today ahead of confirmation that the ailing retail landlord had entered administration. Intu’s shares dropped to 1.78p, the biggest fall in the FTSE All-Share, before being suspended in the early afternoon. Following that move, KPMG was appointed as administrator due to the shopping centre owner failing to agree covenant waivers on a £600m revolving credit facility with seven banks. Other retail landlords felt the aftermath of intu’s collapse today. Hammerson dropped 12.6% to 82.12p, while NewRiver REIT fell 6.49% to 60.5p. The FTSE 100 ended 0.2% up on 6,159. The FTSE 250 was almost flat at 17,113. To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette