FTSE 250 movers: Hikma boosted by upgrade, TBC higher on results
London's FTSE 250 was up 0.1% to 19,636.29 in afternoon trade.
Hikma Pharmaceuticals got a boost as Jefferies upped its stance on the stock to 'hold' from 'underperform'. The bank said it was cutting its earnings per share estimates as it removes generic Advair from its model.
"Post 1H we lower EPS by <35% as we not only take a cautious approach to the base business but also stress test the bear case by removing Gx Advair from our model given ongoing uncertainty; we believe this base case lowers modelled intrinsic risks and gives optionality on Gx Advair, allowing us to focus on core fundamentals which we believe leaves limited downside.
"We therefore upgrade to hold as we believe fundamental drivers are now skewed to the upside."
TBC Bank - the main holding company for Bank of Georgia - was in the black after it reported a sharp jump in profits as business surged on the back of buoyant economic growth.
Over the first six months of the year the lender, which enjoyed a 36.3% share of the Georgian market 36.3%, saw gross loans and advances soar 56.8% to 7.4bn Georgian Iari. That saw TBC Bank's net interest income surge by 34.9% to reach 292.1m Georgian Iari, driving a 39% jump in profits before tax to GEL191.4m.
Hikma Pharmaceuticals (HIK) 1,188.00p 6.17%
Tullow Oil (TLW) 159.10p 4.46%
Petrofac Ltd. (PFC) 429.40p 2.85%
Kaz Minerals (KAZ) 736.00p 2.79%
NMC Health (NMC) 2,384.00p 2.32%
Ferrexpo (FXPO) 281.10p 2.26%
Redrow (RDW) 600.50p 2.21%
Stobart Group Ltd. (STOB) 286.90p 2.10%
TBC Bank Group (TBCG) 1,589.00p 1.86%
Euromoney Institutional Investor (ERM) 1,105.00p 1.84%
Pets at Home Group (PETS) 183.00p -2.87%
Acacia Mining (ACA) 190.80p -1.80%
Mitie Group (MTO) 267.00p -1.77%
Hochschild Mining (HOC) 265.20p -1.63%
Carillion (CLLN) 49.80p -1.58%
Virgin Money Holdings (UK) (VM.) 268.60p -1.58%
Dunelm Group (DNLM) 619.50p -1.51%
Rank Group (RNK) 229.90p -1.50%
Aldermore Group (ALD) 225.50p -1.44%
Cineworld Group (CINE) 684.00p -1.37%