FTSE 250 movers: Yesterday's news drives major moves
The FTSE 250 index fell 0.8% to 19,172.87 on Friday, led by falls from Ashmore and the AA.
Emerging markets investor Ashmore, having recently completed rise that has seen its shares more than doubled over the past two years, dropped the day after it released interim results as Asian markets endured a torrid day. In a note on Friday, broker Canaccord said management were upbeat at the analyst presentation, noting a number of supportive market factors internally and externally after strong investment performance on both an absolute and relative basis of late. "The key remains convincing clients to look through short-term dips," analysts said.
Roadside assistance group AA was also down a day after its own numbers, with analysts mostly moderately positive. Barclays noted profits are expected to be in line with the guidance of £390-395m set in September. "The shares have been weak recently - partially due to the expectation that December's exceptionally cold weather may put pressure on profits," analysts noted.
Drax was among several energy companies in the red after the Yorkshire power plant group secured agreements worth a combined £10m to provide capacity from two existing coal units.
In corporate news, Shaftesbury was just on the wrong side of flat, giving back earlier gains even as the central London-focused property developer said it has seen continuing high footfall at its retail properties and robust trading in the period since last October.
Leading the risers was NewRiver REIT, a major owner and manager of convenience stores and discount shopping centres, a day after departing chief executive David Lockhart's son was appointed as the new CEO. Allan Lockhart, who helped found the company and has been property director since its launch and flotation in 2009, will take over as his dad becomes executive deputy chairman.
The company said 16 candidates, both internal and external, were examined, but that Allan was selected as he had been “the driving force behind New River’s huge success in the last nine years, taking it from £25 million on initial public offering in 2009 to just shy of £1bn today”. A spokesman said Lockhart Jnr had been responsible for “every acquisition the group has ever made”.
Victrex was up only 0.6% despite the polymers specialist reporting a very strong start to the year, with industrial sales led by consumer electronics to offset slightly weaker performance from medical customers. First quarter revenue of £78.7m was up 41% on the prior year as sales volumes increased 30% to 1,051 tonnes, though the comparative period was quite weak.
FTSE 250 - Risers
NewRiver REIT (NRR) 296.50p 4.96%
Bovis Homes Group (BVS) 1,071.00p 4.59%
Card Factory (CARD) 197.60p 3.78%
Capita (CPI) 194.85p 3.42%
Stobart Group Ltd. (STOB) 260.00p 3.38%
Fidessa Group (FDSA) 2,365.00p 3.05%
Vectura Group (VEC) 82.55p 2.29%
Phoenix Group Holdings (DI) (PHNX) 741.00p 2.14%
Capital & Counties Properties (CAPC) 275.30p 2.08%
BCA Marketplace (BCA) 171.00p 1.91%
FTSE 250 - Fallers
Ashmore Group (ASHM) 385.20p -8.89%
AA (AA.) 118.40p -5.36%
F&C Global Smaller Companies (FCS) 1,265.00p -4.17%
Vedanta Resources (VED) 700.49p -3.73%
FDM Group (Holdings) (FDM) 860.00p -3.48%
Saga (SAGA) 111.60p -3.46%
Hikma Pharmaceuticals (HIK) 860.60p -3.46%
Investec (INVP) 592.80p -3.45%
Entertainment One Limited (ETO) 289.80p -3.40%
Ferrexpo (FXPO) 260.20p -3.34%