FTSE 250 movers: Intu dives, Computacenter climbs

London’s FTSE 250 was down 0.30% at 19,716.41 in afternoon trade on Wednesday, as Intu Properties led the index lower.

The retail focused property investment trust plummeted as it reported falls in its interim net rental income and underlying earnings, while the company also outlined a 5 year programme to pay down debt levels by disposing some of their underperforming assets, slashing its dividend, and transforming the remaining assets.

Michael Hewson, chief market analyst at CMC Markets, said: "It would appear that investors don’t have much faith in that plan, if today’s price action is any guide, with the shares falling sharply, to the bottom of the FTSE250, and a record low. The fear appears to be that management may well be forced to raise extra capital, as investors worry about the depreciating nature of its assets, relative to its debt levels."

Intu's fellow property investment and development companies Hammerson, Capital & Counties and NewRiver REIT followed their contemporary lower following the news.

Aston Martin Lagonda's share price plumbed fresh depths after its interim results were worse than flagged in a profit warning last week, with net debt also having jumped to 4.7 times operating earnings, from 2.3 times at the 2018 year end.

Meanwhile, computer services provider Computacenter led the risers after reporting solid momentum during the first half of its trading year, resulting in the group's pre-tax profits coming in marginally ahead of the previous year.

Meanwhile, investors reacted positively as Centamin posted a sharp drop in first half profits, but raised its dividend payout and sounded a confident note on its outlook for the back half of 2019, standing by its guidance for full-year output and costs.

Serco followed suit as it reported interim underlying profit and revenue growth following strong performances in the Americas and the Asia Pacific region.

Travis Perkins was on the up as it reported "good strategic progress" in its interim results which it said was underpinned by "strong" trading performance, with continuing group revenue rising 6.9% to £2.77bn.

Analysts at Canaccord said: "Overall, the macro and political outlook is uncertain for the UK in H2 2019, but at this point we think a c.+2-4% increase in full year consensus profits would seem reasonable given the strong first-half performance. The shares should see a good bounce on these results and the progress being made with the Group's strategic drive and plans. Valuation does not look too stretched."

Finally, British pub operator Mitchells & Butlers climbed after reporting 2.8% sales growth despite strong comparatives stemming from last year's World Cup and extended period of sunny weather, while Man Group edged higher after it reported a 5% improvement in funds under management in its interim results.

Market Movers

FTSE 250 (MCX) 19,716.41 -0.30%

FTSE 250 - Risers

Computacenter (CCC) 1,512.00p 11.18%
Centamin (DI) (CEY) 130.10p 6.68%
Serco Group (SRP) 147.00p 5.15%
Sports Direct International (SPD) 224.60p 4.76%
Travis Perkins (TPK) 1,376.50p 4.00%
Premier Oil (PMO) 83.10p 3.96%
Mitchells & Butlers (MAB) 309.00p 3.87%
Man Group (EMG) 172.46p 3.36%
Elementis (ELM) 150.70p 2.17%
IP Group (IPO) 68.30p 1.94%

FTSE 250 - Fallers

Intu Properties (INTU) 50.61p -27.97%
Aston Martin Lagonda Global Holdings (AML) 506.00p -10.92%
Hammerson (HMSO) 221.10p -7.88%
Games Workshop Group (GAW) 4,442.53p -5.76%
Capital & Counties Properties (CAPC) 199.00p -5.28%
NewRiver REIT (NRR) 164.20p -4.09%
CYBG (CYBG) 172.55p -4.09%
Woodford Patient Capital Trust (WPCT) 47.42p -3.63%
Metro Bank (MTRO) 357.74p -3.37%
Future (FUTR) 1,108.00p -3.32%