LONDON (SHARECAST) - Imagination Technologies was leading fallers, with some market chatter attributing the losses to a negative start of coverage on the company -at Sell- from analysts at Credit Suisse. They pointed out that, 'momentum looks negative: Of Imagination’s four key customers, Samsung this year moved to ARM graphics, Texas Instruments is exiting the wireless business, and Mediatek could, in our view, try ARM graphics in its smartphone chips as it already uses its graphics in feature phones and TV'. As well, Bloomberg is reporting today on supply problems for Apple's iPhone given problems related to quality control at Foxconn.
Iron ore miner Ferrexpo dropped after saying that during the third quarter it had eased back on the purchases of third-party concentrate. It also said total output rose just 0.9% quarter-on-quarter (Q/Q) and slipped 1.4% in the year to date (YTD) due to the reduction in production/reprocessing from purchased raw materials. The company purchased 42.8% less pellets Q/Q, bringing the YTD comparison to -58.0%.
N Brown, the internet and catalogue home shopping firm, was also out of favour after Panmure Gordon downgraded its recommendation to 'hold' ahead of the group's interim results next week. "We move to a 'hold' rating from 'buy', following sector outperformance and consequent multiple expansion towards our target multiple on the back of the July trading statement," the broker said.
Meanwhile, Bumi shares leapt on reports its Indonesian operations - which are currently part of an investigation by the miner - could be up for sale.
Fashion retailer SuperGroup was also on the up after Seymour Pierce said that the shares are in for a re-rating. "The new management has ‘steadied the ship’. With confidence returning, we believe the stock is oversold at 12.9 times FY13 earnings, considering the operational gearing in the earnings and possible step up in the growth rate," the broker said.
FTSE 250 - Risers
Bumi (BUMI) 182.60p +9.93%
Man Group (EMG) 93.85p +4.34%
Halfords Group (HFD) 326.50p +3.82%
Lancashire Holdings (LRE) 859.50p +3.62%
Ted Baker (TED) 939.00p +3.19%
Supergroup (SGP) 678.50p +2.80%
New World Resources A Shares (NWR) 274.80p +2.65%
Cranswick (CWK) 750.00p +2.39%
Stobart Group Ltd. (STOB) 115.80p +2.39%
Ultra Electronics Holdings (ULE) 1,625.00p +2.27%
FTSE 250 - Fallers
Imagination Technologies Group (IMG) 468.20p -6.83%
Ferrexpo (FXPO) 195.10p -3.70%
Brown (N.) Group (BWNG) 268.70p -3.62%
Fenner (FENR) 384.50p -3.46%
Talvivaara Mining Company (TALV) 152.10p -3.18%
RPS Group (RPS) 243.10p -3.15%
Yule Catto & Co (YULC) 163.30p -3.09%
Hays (HAS) 77.05p -3.08%
Sports Direct International (SPD) 386.40p -3.04%
Spirax-Sarco Engineering (SPX) 2,045.00p -2.99%
LONDON (SHARECAST) - Imagination Technologies was leading fallers, with some market chatter attributing the losses to a negative start of coverage on the company -at Sell- from analysts at Credit Suisse. They pointed out that, 'momentum looks negative: Of Imagination’s four key customers, Samsung this year moved to ARM graphics, Texas Instruments is exiting the wireless business, and Mediatek could, in our view, try ARM graphics in its smartphone chips as it already uses its graphics in feature phones and TV'. As well, Bloomberg is reporting today on supply problems for Apple's iPhone given problems related to quality control at Foxconn.
