FTSE 250 movers: Fidessa surges on Temenos talks; Dunelm takes a hit
London's FTSE 250 was up 0.7% to 19,795.01 in afternoon trade on Tuesday.
Fidessa rocketed after confirming that it is in "advanced discussions" about being taken over by Swiss banking software group Temenos for 3,646.7p per share in cash.
Hikma Pharmaceuticals surged after appointing Sigurdur Olafsson as its new chief executive officer, while Sports Direct rose as it announced plans to buy back up to £100m worth of its shares as it looks to reduce the share capital of the company.
Grafton - which announced the acquisition of specialist decorators' mechant Leyland on Monday - was up after Berenberg lifted the stock to 'buy' from 'hold' and upped the target price to 920p from 800p.
The bank said that the company's 32% EBITA exposure to Ireland and the Netherlands, along with its 29% exposure to the rapidly-growing Selco business means that positive earnings momentum will continue.
SIG also benefited as Berenberg said that following the group’s capital markets day at the end of last year, it is more confident in management’s ability to reduce the cost base. However, it also said the current share price fairly reflects the speed at which this can be achieved.
ZPG got a boost as Morgan Stanley upgraded the Zoopla, USwitch and PrimeLocation owner to 'overweight' from 'equalweight' and lifted the price target to 400p from 360p.
The bank said that its 'AlphaWise' survey points to structural trends underpinning energy switching behaviour, and highlights USwitch's market leadership. It now expects the Energy to maintain double-digit growth over the next few years, outweighing potential short-term headwinds from price caps.
Going the other way, home furnishings retailer Dunelm slumped after saying profits dipped in the first half of the year and announcing the departure of chief financial officer Keith Down in June.
Risers
Fidessa Group (FDSA) 3,575.00p 22.64%
Hikma Pharmaceuticals (HIK) 1,003.00p 6.66%
Sports Direct International (SPD) 376.20p 5.20%
Grafton Group Units (GFTU) 792.50p 4.00%
Ocado Group (OCDO) 507.00p 3.89%
IP Group (IPO) 113.60p 3.84%
ZPG Plc (ZPG) 348.40p 3.81%
SIG (SHI) 152.00p 2.98%
Thomas Cook Group (TCG) 125.30p 2.96%
Intermediate Capital Group (ICP) 1,062.00p 2.91%
Fallers
Dunelm Group (DNLM) 590.50p -8.66%
McCarthy & Stone (MCS) 134.17p -4.78%
Hochschild Mining (HOC) 221.80p -2.97%
Lancashire Holdings Limited (LRE) 555.00p -2.89%
Capita (CPI) 181.17p -2.41%
Greencore Group (GNC) 185.65p -1.77%
Kaz Minerals (KAZ) 814.00p -1.74%
Pets at Home Group (PETS) 170.90p -1.56%
Fidelity China Special Situations (FCSS) 243.50p -1.42%
Bankers Inv Trust (BNKR) 857.06p -1.37%