FTSE 250 movers: Ibstock falls after update; Kaz boosted by deal news
London’s FTSE 250 was down 1.9% at 17,252.86 in afternoon trade on Wednesday.
Brick manufacturer Ibstock fell sharply despite reporting a recovery in demand in the third quarter.
Stocks with exposure to Covid restrictions took a hit, with Cineworld, transport operator FirstGroup, cruise operator Carnival and pub chain Wetherspoons all weaker.
Going the other way, Kaz Minerals surged after it agreed to be bought by Nova Resources in a deal that values the copper company at £3bn. Under the terms of the deal, Kaz shareholders will receive 640p a share in cash. This is a premium of around 12.1% to the closing share on Tuesday.
Medical products company ConvaTec was also a high riser after saying it expects to deliver full-year revenue growth at the higher end of guidance following a better-than-expected performance in the third quarter.
In the three months to the end of September, revenue rose 6.5% on the year to $493m. This was driven by significant growth in Infusion Care, continued strong growth in Continence & Critical Care, an improved performance in Advanced Wound Care and a flat performance in Ostomy Care, the company said.
FTSE 250 - Risers
Kaz Minerals (KAZ) 625.00p 9.50%
Convatec Group (CTEC) 191.60p 3.62%
BMO Commercial Property Trust Limited (BCPT) 62.40p 1.96%
Brewin Dolphin Holdings (BRW) 239.00p 1.70%
Apax Global Alpha Limited (APAX) 161.60p 1.64%
Watches of Switzerland Group (WOSG) 406.00p 1.50%
Vesuvius (VSVS) 416.00p 1.46%
Syncona Limited NPV (SYNC) 251.00p 1.21%
CMC Markets (CMCX) 320.00p 0.95%
Bellway (BWY) 2,338.00p 0.91%
FTSE 250 - Fallers
Ibstock (IBST) 161.00p -10.01%
Cineworld Group (CINE) 23.86p -8.62%
FirstGroup (FGP) 43.00p -8.43%
Micro Focus International (MCRO) 226.60p -7.81%
Carnival (CCL) 839.00p -7.62%
Hochschild Mining (HOC) 208.60p -7.62%
Unite Group (UTG) 796.00p -6.85%
Wetherspoon (J.D.) (JDW) 852.50p -6.73%
Virgin Money UK (VMUK) 90.18p -5.75%
C&C Group (CCR) 159.80p -5.67%