FTSE 250 movers: IG rallies on Numis note; Greencore hit by profit warning
London's FTSE 250 was down 0.7% to 19,967.82 in afternoon trade on Tuesday.
IG Group was the standout gainer as Numis said it will likely report another record quarter for revenue on 22 March. The brokerage expects Q3 revenue of £145m, up £10m on the second quarter and 23.5% higher on the year.
It lifted its price target on the stock to 781p from 760p and said IG's market position should improve as the industry matures and regulation is introduced to restrict the activities of the less scrupulous providers.
Polymetal also benefited from a note by Numis, which upped its stance on the stock to 'buy' from 'hold'.
Senior was also on the front foot after opening its new aerospace manufacturing facility near Kuala Lumpur in Malaysia.
Melrose was higher as it continued to engage in a tit-for-tat exchange with GKN after the engineer rejected a sweetened final offer from the turnaround specialist on Monday.
On the downside, Irish food company Greencore tanked after it issued a profit and said chief executive Patrick Coveney will spend half his time in the US as part of a restructuring.
Interdealer broker TP ICAP tumbled as its full-year adjusted results fell short of consensus, while Computacenter fell sharply as it posted a 23% jump in full-year pre-tax profit but said the growth outlook for 2018 remains challenging.
Inmarsat took a hit after Morgan Stanley cut its price target on the equalweight-rated stock to 500p from 550p as it cut its estimates following full-year results. It highlighted the 63% reduction in the dividend versus its forecast of 33%. The bank said leverage is still rising despite the dividend cut.
"We see this as the right move, but despite this, leverage is still rising. We forecast net debt to EBITDA rising from 2.8x in FY17, to 2.9x in FY18 and to 3.4x in FY19 due to lower Ligado payments and elevated capex."
Cairn Energy fell despite saying it swung to a profit last year.
Risers
IG Group Holdings (IGG) 825.65p 3.21%
Ferrexpo (FXPO) 300.90p 3.05%
Millennium & Copthorne Hotels (MLC) 568.00p 2.53%
Senior (SNR) 308.80p 2.52%
Polymetal International (POLY) 790.20p 2.44%
Vedanta Resources (VED) 779.60p 2.31%
Aggreko (AGK) 734.80p 2.20%
888 Holdings (888) 299.20p 1.70%
Melrose Industries (MRO) 217.00p 1.64%
Dechra Pharmaceuticals (DPH) 2,642.00p 1.62%
Fallers
Greencore Group (GNC) 138.15p -24.34%
TP ICAP (TCAP) 490.50p -9.07%
Computacenter (CCC) 1,036.00p -8.16%
Inmarsat (ISAT) 385.00p -6.03%
JD Sports Fashion (JD.) 367.40p -5.04%
Capita (CPI) 163.10p -4.48%
Britvic (BVIC) 692.50p -3.62%
Cairn Energy (CNE) 203.40p -3.51%
Hastings Group Holdings (HSTG) 263.20p -2.95%
Dignity (DTY) 856.00p -2.95%