FTSE 250 movers: Cookson plunges after profit warning
Mon 08 Oct 2012
LONDON (SHARECAST) - Cookson, which provides materials and know-how to the steel production, foundry castings and eletronics markets, has warned on full-year profits after a sticky third quarter for its Engineered Ceramics division. Investec said this morning that 10% downgrades to consensus earnings estimates are now likely.
The warning has also had a malign effect on materials technology firm Morgan Crucible.
Bacon and sausage supplier Cranswick was also lower this morning after saying that sales were up 5% in the first half as a whole, down from the 7.4% growth seen in the first three months of the year.
Lonmin shares were down on reports of spreading strikes in South Africa. The company operations in the country have been under threat in recent times following a period of illegal strikes by around 80% of its workforce.
Meanwhile, Halfords is continuing its impressive rise, gaining 4.2 per cent today from 302.6p to 315.6p, after HSBC hiked its target price for the stock from 215p to 330p, keeping its ‘neutral’ rating. The share price is now up over a fifth over the last week after announcing on Thursday that it had appointed former Pets at Home CEO as its new frontman and full-year profits will be at the top end of guidance.
FTSE 250 - Risers
Halfords Group (HFD) 314.70p +4.00%
Dixons Retail (DXNS) 21.69p +3.38%
Rank Group (RNK) 154.00p +3.01%
Oxford Instruments (OXIG) 1,385.00p +2.37%
COLT Group SA (COLT) 121.70p +2.35%
Victrex (VCT) 1,409.00p +2.10%
Telecity Group (TCY) 957.50p +1.97%
Big Yellow Group (BYG) 326.00p +1.40%
JD Sports Fashion (JD.) 769.50p +1.25%
Taylor Wimpey (TW.) 57.05p +1.15%
FTSE 250 - Fallers
Cookson Group (CKSN) 531.50p -13.58%
Morgan Crucible Co (MGCR) 256.50p -8.23%
Lonmin (LMI) 519.00p -5.46%
Cranswick (CWK) 750.00p -5.24%
Yule Catto & Co (YULC) 168.00p -4.92%
Bodycote (BOY) 390.90p -4.91%
Ocado Group (OCDO) 66.05p -3.86%
Homeserve (HSV) 220.80p -3.75%
IP Group (IPO) 120.20p -3.69%
Spectris (SXS) 1,734.00p -3.67%
LONDON (SHARECAST) - Cookson, which provides materials and know-how to the steel production, foundry castings and eletronics markets, has warned on full-year profits after a sticky third quarter for its Engineered Ceramics division. Investec said this morning that 10% downgrades to consensus earnings estimates are now likely.
