Property companies' dash for cash put them in the spotlight once again today.

Hammerson, the owner of the Brent Cross shopping centre, reported a 98.6% take-up of its rights issue, prompting Deutsche Bank to issue a buy note on the shares and set a share-price target of 305p.

The big-gun broker reckons the extra cash will enable Hammerson to cope with a further 25% drop in the value of its portfolio before its banking covenants come under pressure once more. It also reckons its strength in France - a market less affected than the UK - will help it outperform rivals.

Like many of its peers, Hammerson turned to investors to raise cash in a bid to reduce its debts and boost its balance sheet. The rump of 5.8 million shares will now be sold off by underwriters. Despite the broker optimism and the cash call's success, the shares dropped 4p to 267p.

Rival British Land slid ¼p to 375p after UBS cut its rating on the shares from buy to neutral. Analysts say the added security against a further fall in the value of its land bank that its recent cash call has given has now been priced into the shares. However, UBS has lifted its target for the stock from 335p to 370p, still below the price at which they were changing hands today.

Brixton gained ½p to 24p despite JPMorgan slashing its target for January 2010 to 18p, warning that the industrial property specialist is likely to have to swap debt for equity to solve financing issues.

The FTSE 100 lost half its early gains as investors were left digesting US Treasury Secretary's Timothy Geithner's plans on the US banks' toxic debts.

The benchmark, which had been up by 82 points in early trading, was ahead 26.48 points at 3869.33. Meanwhile, investors in New York proved better-pleased by the move, with the Dow climbing 178.81 points to 7457.19.

In London, financials continued their recent rally on news of Geithner's plans. Old Mutual led the blue-chips higher with a rise of 5p to 48.8p and Legal & General gained 1.1p to 43.9p. Royal Bank of Scotland, the largely state-owned lender, gained 1p to 25p on reports that Aussie banking group ANZ may be interested in its Asian retail and commercial banking business. HSBC, Standard Chartered and a number of Chinese banks have also been mooted as potential suitors.

Investors are betting William Hill's rights issue is a good move. The bookie today said that 99.77% of investors have backed the heavily discounted cash call. The shares were up 8p at 246¾p.

Northern Foods, maker of Marks & Spencer ready meals and Goodfella's pizza, topped the second-tier winners' board after RBS said Friday's sell-off of its shares had left them looking cheap. They gained 3¾p to 40¾p.

Marketing giant WPP lost 10½p to 393p after Citigroup said that now is not the time to buy. The broker has cut its rating from buy to hold and slashed its price target from 552p to 440p.

Analysts warn that the seasonal nature of the business - which has seen it underperform from January to October for the past six years, before it gets a boost from the pre-Christmas advertising rush - means it does not think clients should now snap up the stock.

But they reckon its agency business model is better-suited to a recession than it was, and that its aim to keep margins flat is not unrealistic.