FTSE 250 movers: Avast sinks on share sale but gold miners shine
London's FTSE 250 index was down 1.84% to 18,413.18 in afternoon trade on Tuesday, with gold miners reaping rewards from sliding stock prices.
Computer antivirus software outfit Avast slumped as private equity firm Summit Partners sold 52.5m shares in the company at 275p each, in what was the first selldown of its shares since its initial public offering on the London Stock Exchange in May.
Summit had acquired a minority stake in the company through a $100m investment in 2010.
IntegraFin Holding fell after Numis dropped its rating from 'buy' to 'hold' due to a slowdown in fourth quarter growth.
"With quite a significant negative mark to market we expect to reduce the group's operating profit forecast for this year by a double digit amount with a similar reduction in the target price also expected," it said.
Gambling operator Rank Group fell even as Peel Hunt reiterated its 'buy' rating for the company's shares, with investors still concerned after a report over the weekend indicated that Chancellor Philip Hammond will clamp down on offshore gambling companies in the Budget next week.
On the upside, precious metal miners Centamin, Polymetal and Hochschild Mining shone as gold prices pushed higher to a more than three-month peak amid a dip in global stocks and rising political and economic uncertainty, including concerns over the Italian government's spending plans.
Plus500 racked up strong gains as it posted a drop in third-quarter revenue on the back of low volatility and new regulations but said trading for 2018 should be ahead of expectations.
For the nine months to 30 September, revenue rose 86% from the same period a year ago to $565.6m and the number of active customers grew by 8% to 102,043.
Builders' merchant Travis Perkins rallied as it hailed a "solid" third quarter after a pick up in demand from trade buyers helped to offset "significant" pricing pressure in its UK operations.
Underlying sales rose 4.1% and total sales were up 3.9% during the period as the company said it expected full-year earnings to be in line with expectations of £363m.
Chief executive John Carter said trade-focused businesses delivered good sales growth "against a challenging market backdrop, including successful recovery of cost price inflation".
Liberum rates the stock at 'buy' and described the shares as "extremely unloved" and "very cheap".
Market Movers
FTSE 250 (MCX) 18,413.18 -1.84%
FTSE 250 - Risers
IG Group Holdings (IGG) 591.85p 4.11%
Hochschild Mining (HOC) 174.50p 3.84%
Centamin (DI) (CEY) 104.65p 3.61%
Plus500 Ltd (DI) (PLUS) 1,292.00p 3.53%
Travis Perkins (TPK) 1,013.00p 3.37%
Howden Joinery Group (HWDN) 449.20p 2.49%
Crest Nicholson Holdings (CRST) 313.08p 2.31%
Telecom Plus (TEP) 1,186.00p 1.37%
Polymetal International (POLY) 739.00p 0.98%
Pennon Group (PNN) 739.80p 0.79%
FTSE 250 - Fallers
Avast (AVST) 275.15p -6.82%
IntegraFin Holding (IHP) 293.00p -6.09%
Cairn Energy (CNE) 188.30p -5.85%
Thomas Cook Group (TCG) 39.44p -5.74%
Bank of Georgia Group (BGEO) 1,500.40p -4.94%
Rank Group (RNK) 152.40p -4.87%
Cineworld Group (CINE) 279.80p -4.77%
Indivior (INDV) 185.50p -4.70%
On The Beach Group (OTB) 408.50p -4.67%
Babcock International Group (BAB) 592.80p -4.60%