FTSE 250 movers: Sirius suffers, Cairn climbs
London's FTSE 250 index was down 0.37% at 19,837.63 in afternoon trade on Tuesday, with Sirius Minerals leading the way lower in a sharp dive.
The fertilizer development company suffered heavy losses as it launched a heavily-discounted $3.8bn capital raising to fund the development of its Woodsmith potash project in Yorkshire, although it did post narrower full-year losses.
Analysts at Shore Capital said: "Successfully securing the Stage 2 financing is effectively the key to unlocking Sirius’s vast potential, and we expect should catalyse a major re-rating of the shares. Beyond that, while Sirius would still be some years from becoming cash generative, an investment in the company should become progressively de-risked and enjoy significant value uplift as it advances towards production, we believe."
Specialty chemicals company Elementis slid after saying it expects further progress this year, albeit slightly below expectations, as global market conditions remain "challenging".
Shares in pub group Greene King fizzed lower after a trading statement, with analysts noting that sales momentum slowed towards the end of FY19, sending shares in its contemporary EI Group lower as well.
Scottish engineering outfit Weir Group dipped after first quarter oil and gas orders came in 23% lower as a result of capital and pipeline capacity constraints in North America, though the company reiterated its full year revenue and profit guidance as total orders rose on the back of its Esco acquisition.
At the other end of the pitch, Cairn Energy made gains alongside oilfield services provider Clarkson and Premier Oil as oil prices rose following a statement from the Saudi Arabian government saying a deal to curb output could be extended beyond June to cover all of 2019.
Finally, Hochschild Mining climbed after strong contributions from its Inmaculada and Pallancata mines boosted first quarter production, leaving the company on track to meet full-year targets.
Market Movers
FTSE 250 (MCX) 19,837.63 -0.37%
FTSE 250 - Risers
Cairn Energy (CNE) 173.23p 4.55%
Tate & Lyle (TATE) 761.80p 3.76%
Acacia Mining (ACA) 144.95p 3.53%
Clarkson (CKN) 2,655.00p 3.51%
Amigo Holdings (AMGO) 247.50p 2.91%
Hochschild Mining (HOC) 181.70p 2.77%
FirstGroup (FGP) 109.00p 2.64%
Contour Global (GLO) 216.75p 2.48%
Polypipe Group (PLP) 441.00p 2.37%
Premier Oil (PMO) 100.55p 2.33%
FTSE 250 - Fallers
Sirius Minerals (SXX) 17.70p -19.18%
Elementis (ELM) 162.90p -8.02%
Greene King (GNK) 643.20p -7.13%
EI Group (EIG) 213.40p -4.22%
Intu Properties (INTU) 94.54p -4.18%
CYBG (CYBG) 203.20p -3.65%
Mitchells & Butlers (MAB) 254.50p -3.05%
Weir Group (WEIR) 1,678.00p -2.67%
Mediclinic International (MDC) 341.00p -2.65%
IG Group Holdings (IGG) 513.40p -2.25%