FTSE 250 movers: Elementis climbs, Cairn slides
London's FTSE 250 was 0.21% higher at 20,145.09 in afternoon trade on Monday, with Elementis leading the index upward.
The specialty chemicals company climbed ahead of the release of its third quarter trading statement on Thursday, while Drax was also in the green after analysts at HSBC raised their price target for the stock from 320.0p to 360.0p.
Airtel Africa continued to climb after reporting sustained growth across its voice data and mobile money operations in its interim results on Friday as its customer base grew by 10.4% to 104.0m.
Down at the other end of the index, Cairn Energy retreated after it said that its Alom-1 well offshore Mexico was found to be dry and has now been plugged and abandoned, adding that it now expects an outcome on its long-running tax dispute with the Indian government by next summer.
Aston Martin Lagonda was weaker after a downgrade to 'underperform' at Bank of America Merrill Lynch, which said it sees a "significant increase in financial risk".
Analysts said: "The recent refinancing shows the significant liquidity issues Aston Martin is facing. Furthermore, the new PIK bond issue in late September, at a very high yield (c15%), and optionality to draw a further $100m at 15% yield contingent upon securing 1,400 orders for DBX, is only a temporary fix, in our view. AML may need to raise more equity in 2021E.
"With significantly increased leverage, we think the company would not be well positioned for any external shock with close to no more borrowing capacity."
Ferrexpo fell after saying that chief executive officer Kostyantin Zhevago would temporarily step down to focus on resolving matters related to one of his former businesses in Ukraine. The company has appointed chief financial officer Chris Mawe as acting CEO.
Market Movers
FTSE 250 (MCX) 20,145.09 0.21%
FTSE 250 - Risers
Elementis (ELM) 153.40p 6.16%
Wood Group (John) (WG.) 352.90p 3.73%
Drax Group (DRX) 309.00p 3.48%
Renishaw (RSW) 3,678.00p 3.20%
Vesuvius (VSVS) 404.40p 3.06%
Airtel Africa (AAF) 61.86p 2.24%
Investec (INVP) 452.80p 2.21%
Weir Group (WEIR) 1,407.50p 2.14%
Safestore Holdings (SAFE) 695.50p 2.13%
Bodycote (BOY) 713.00p 2.08%
FTSE 250 - Fallers
Cairn Energy (CNE) 175.60p -9.11%
Aston Martin Lagonda Global Holdings (AML) 447.56p -5.82%
PureTech Health (PRTC) 240.00p -4.38%
Ferrexpo (FXPO) 128.00p -4.08%
Apax Global Alpha Limited (APAX) 157.28p -3.80%
CYBG (CYBG) 138.05p -3.50%
Rank Group (RNK) 238.00p -3.05%
Riverstone Energy Limited (RSE) 473.00p -2.97%
Centamin (DI) (CEY) 114.85p -2.88%
OneSavings Bank (OSB) 366.64p -2.59%