FTSE 250 movers: Just Eat scoots higher, N Brown slips down
The FTSE 250 was up on Thursday, led by good regulatory news for Just Eat and a group of financial stocks.
Just Eat was given a big boost from the Competition and Markets Authority, which provisionally approved the company's acquisition of rival online food ordering website Hungryhouse after a six-month probe into the merger. Analysts at JPMorgan Cazenove have forecast that the acquisition would boost pro forma 2018 earnings per share by around 8%.
Online gaming and betting specialist GVC Holdings was up on the back of a 10% third quarter improvement in daily net gaming revenue to €2.65m, or 13% in constant currencies. The FTSE 250 owner of brands such as 'Foxy Bingo' said underlying daily net gaming revenue was ahead 18%, or 21% at constant exchange rates.
Wizz Air Holdings was higher along with most airline stocks. Investors were ignoring an HSBC warning of the "extreme uncertainty" posed by Brexit, where it highlighted the central and eastern European carrier along with IAG and Ryanair as facing the "greatest regulatory threat".
Jupiter Fund Management was up as Jefferies maintained a 'buy' rating after third quarter trading saw strong net flow across a range of strategies, leading it to up its share price target to 620p. Analysts now forecast 2017 net flow at £5.6bn, an impressive 13.9% of opening AUM.
A day ahead of a first-quarter update, Ashmore Group was on the front foot. The consensus forecast pointing to $61.4bn assets under management, a 4.6% rise in the quarter. Analysts at Barclays said: "The market will be keen on any management commentary around flow outlook for the rest of the year and specific product areas that are seeing client interest."
N Brown, the specialist clothing retailer, grew underlying first-half profits well ahead of analyst forecasts as its shift to online sales continues to gains traction. However at the statutory level the group slumped to a £27.6m loss due to previously announced exceptional costs of £54.9m, of which £40m was for customer redress for a "flawed" insurance product sold to customers and £13.8m for store closures, with the remainder relating to an ongoing tax dispute with the HMRC.
FTSE 250 - Risers
Just Eat (JE.) 749.00p 6.54%
Ferrexpo (FXPO) 278.60p 5.41%
GVC Holdings (GVC) 904.00p 4.38%
Wizz Air Holdings (WIZZ) 3,302.00p 4.36%
Aldermore Group (ALD) 256.00p 4.11%
Jupiter Fund Management (JUP) 580.00p 3.94%
TBC Bank Group (TBCG) 1,648.00p 3.26%
Ashmore Group (ASHM) 353.20p 3.12%
Inmarsat (ISAT) 647.00p 3.11%
Ascential (ASCL) 345.90p 3.04%
FTSE 250 - Fallers
Brown (N.) Group (BWNG) 330.70p -5.51%
FirstGroup (FGP) 109.10p -3.20%
Pets at Home Group (PETS) 192.30p -2.93%
Dixons Carphone (DC.) 189.40p -2.17%
Close Brothers Group (CBG) 1,441.00p -2.04%
Elementis (ELM) 272.80p -1.80%
Vectura Group (VEC) 100.40p -1.57%
Wood Group (John) (WG.) 722.00p -1.57%
Sports Direct International (SPD) 393.40p -1.55%
Petrofac Ltd. (PFC) 423.60p -1.53%