FTSE 250 movers: Petrofac gushes higher on bid spec; Just Eat dented by downgrade
London’s FTSE 250 was down 0.1% to 19,832.80 in afternoon trade on Friday.
Petrofac gushed higher following a report that Schlumberger and Halliburton are among the companies looking to approach it with a bid. The Telegraph said city sources have confirmed that the two US firms and an undisclosed Middle Eastern bidder have parachuted in advisors to look at an opportunistic bid for the company.
Construction and maintenance group Kier rallied after saying it made a smooth start to the year and it is confident of delivering double-digit profit growth.
On the downside, investors lost their appetite for shares of Just Eat after Deutsche Bank downgraded the stock to ‘hold’ from ‘buy’, keeping the target price at 830p, on valuation.
“With the shares now trading within 2% of our target price, the price-to-earnings at multi-year highs and the valuation fair relative to growth prospects, we move to hold from buy.”
Outsourcer Serco was in the red as HSBC cut its price target on the stock to 105p from 130p
FTSE 250 - Risers
Petrofac Ltd. (PFC) 436.20p 7.20%
IWG (IWG) 199.60p 3.80%
Hochschild Mining (HOC) 235.00p 3.62%
QinetiQ Group (QQ.) 211.60p 3.57%
Renishaw (RSW) 5,545.00p 2.50%
Restaurant Group (RTN) 289.40p 2.44%
Sports Direct International (SPD) 385.20p 2.23%
Provident Financial (PFG) 918.00p 2.00%
Ted Baker (TED) 2,611.00p 1.71%
Kier Group (KIE) 1,036.00p 1.67%
FTSE 250 - Fallers
Just Eat (JE.) 799.00p -3.03%
UDG Healthcare Public Limited Company (UDG) 848.50p -3.03%
Dignity (DTY) 1,908.00p -2.90%
Intermediate Capital Group (ICP) 977.00p -2.69%
Serco Group (SRP) 98.15p -2.53%
Greene King (GNK) 523.00p -2.52%
Evraz (EVR) 283.30p -2.31%
Pennon Group (PNN) 783.00p -2.31%
Telecom Plus (TEP) 1,233.00p -2.30%
SIG (SHI) 155.60p -2.20%