FTSE 250 movers: Polymetal bounces back; pubcos drop on spending data
London's FTSE 250 was up 0.7% to 19,629.20 in afternoon trade on Tuesday, tracking broader equity gains as comments from China's Xi Jinping helped to assuage worries about a trade war between the US and China.
Polymetal International - which has operations in Russia - was the standout gainer after it took a beating in the previous session on the back of US President Trump's sanctions against Russia.
Card Factory advanced after promising to keep gifting investors more dividends as the Yorkshire-based retailer posted full year results that showed growth in sales but smaller profits that are unlikely to improve much in the coming year.
Capita was on the front foot as the outsourcer announced that its 11-year customer service contract with Volkswagen UK has been extended b two years.
The company, which began working with VW in 2006, will continue to provide customer service for the car maker's brands in the UK, including Volkswagen, Audi, Skoda, Seat and Volkswagen Commercial Vehicles, through its customer service support centre.
On the downside, pub operators Mitchells & Butlers, JD Wetherspoon and Martson's all fizzed lower after figures from Barclays showed consumer spending growth slowed well below the three-month average to 2.0% in March from 3.8% in February, well below the three-month average of 3.2%.
Ascential was under the cosh as Berenberg downgraded its stance on the exhibition business to 'hold' from 'buy' citing "risks on the horizon". The bank said it has always liked the stock for its highly cash-generative business model but that disposals in the last year haven't yielded the benefits it might have thought.
Provident Financial fell after the doorstep lender completed its rights issue.
Risers
Polymetal International (POLY) 645.20p 9.17%
Card Factory (CARD) 205.40p 8.11%
Ferrexpo (FXPO) 229.30p 5.47%
Capita (CPI) 138.45p 4.81%
Hunting (HTG) 690.50p 4.54%
Hikma Pharmaceuticals (HIK) 1,237.00p 4.43%
Weir Group (WEIR) 2,016.00p 4.24%
Kaz Minerals (KAZ) 894.80p 4.17%
FirstGroup (FGP) 94.15p 3.52%
Thomas Cook Group (TCG) 123.00p 3.27%
Fallers
Mitchells & Butlers (MAB) 249.80p -4.73%
Ascential (ASCL) 403.60p -3.95%
Provident Financial (PFG) 661.00p -3.81%
Wetherspoon (J.D.) (JDW) 1,111.00p -2.20%
Pennon Group (PNN) 641.00p -2.20%
Safestore Holdings (SAFE) 503.00p -2.14%
Diploma (DPLM) 1,148.00p -1.96%
Sophos Group (SOPH) 464.60p -1.90%
Sanne Group (SNN) 624.00p -1.89%
Marston's (MARS) 99.83p -1.74%