FTSE 250 movers: Inmarsat comes down to earth; Polypipe in favour
The FTSE 250 was struggling to make it into positive territory on Tuesday as Inmarsat shares came down to earth after a downgrade from HSBC.
In a note, the bank lowered its target price to 530p from 570p, saying uncertainty remained over operations, especially aviation.
"Newsflow has been fairly limited in the industry since mid-November, with little information either from governments or enterprises, and no more major airlines have committed to inflightcommunication across the industry," HSBC said.
Computacenter shares were lower as the company posted the results of its tender offer on Tuesday, which was initially set out in a shareholder circular on 23 January, and closed on 9 February. The FTSE 250 company said total of 44,089,779 ordinary shares were validly tendered and, with the strike price determined to be 1170p.
UK government outsourcing contractor Capita was again out of favour, as the shares fell. The company recently issued a profits warning and capital raising. The sector has been hit by the jitters since the spectacular collapse of Carillion.
Polypipe led the risers. The company has been in talks to sell its French business for €16.5m (£14.5m).
It is holding exclusive talks with Ryb, a France-based manufacturer and distributor of plastics in Europe.
FTSE 250 - Risers
Polypipe Group (PLP) 403.80p 4.50%
IG Group Holdings (IGG) 784.03p 2.15%
Safestore Holdings (SAFE) 510.45p 2.13%
Dairy Crest Group (DCG) 577.25p 2.08%
NewRiver REIT (NRR) 303.50p 2.02%
William Hill (WMH) 319.80p 2.01%
Card Factory (CARD) 193.39p 1.84%
Pets at Home Group (PETS) 170.80p 1.79%
Wetherspoon (J.D.) (JDW) 1,206.00p 1.77%
RHI Magnesita N.V. (DI) (RHIM) 4,315.00p 1.77%
FTSE 250 - Fallers
Inmarsat (ISAT) 419.00p -7.24%
Capita (CPI) 183.07p -4.23%
Computacenter (CCC) 1,095.90p -4.04%
Hunting (HTG) 566.50p -3.16%
Mitie Group (MTO) 154.00p -2.90%
Petrofac Ltd. (PFC) 408.60p -2.90%
Acacia Mining (ACA) 160.55p -2.84%
Sophos Group (SOPH) 478.40p -2.76%
Wizz Air Holdings (WIZZ) 3,244.00p -2.52%
Cairn Energy (CNE) 184.80p -2.22%