FTSE 250 movers: Oxford Instruments climbs, Funding Circle falls
London's FTSE 250 was flat, edging just 0.01% higher to 19,637.48 in afternoon trade on Tuesday, as Oxford Instruments came in as the top riser on the index.
Shares of online trading platform Plus500 rallied as it said second-quarter revenue rose to $94m from $53.9m in the first quarter, which was hit by lower volatility and EU rules on leveraged betting.
Analysts from Berenberg said: "In calendar Q1, market conditions proved difficult for the contracts for difference brokers, and Plus500 was no exception. The market rebounded strongly but with relatively low volatility. Conditions have improved in Q2."
Meanwhile, at the other end of the index, Funding Circle suffered heavy losses as it slashed full-year revenue growth expectations from 40% to approximately 20%, warning that an increasingly uncertain economic outlook has reduced demand for loans.
Russ Mould, investment director at AJ Bell, said: "One of the worst crimes a company can commit is failing to deliver on promises set out at its IPO. They lose credibility with the market and find that investors no longer want to support the business. Funding Circle is now in this territory and it may take a long time to win back the market’s favour."
Jupiter Fund Management was also under the cosh after it revealed a day earlier that fund manager Alexander Darwall, who manages its European Opportunities Trust, was leaving the company to set up his own business.
Finally, Future was also trading lower, dropping back down after making strong gains on Monday on the back of its assertion that its full year results will come in above expectations.
Market Movers
FTSE 250 (MCX) 19,637.48 0.01%
FTSE 250 - Risers
Oxford Instruments (OXIG) 1,386.00p 6.62%
Plus500 Ltd (DI) (PLUS) 560.40p 3.97%
Entertainment One Limited (ETO) 410.36p 3.57%
Spirent Communications (SPT) 164.40p 2.75%
Lancashire Holdings Limited (LRE) 719.00p 2.57%
Hikma Pharmaceuticals (HIK) 1,790.00p 2.17%
Pets at Home Group (PETS) 194.10p 2.16%
Pennon Group (PNN) 756.00p 2.00%
Metro Bank (MTRO) 565.00p 1.99%
EI Group (EIG) 203.40p 1.90%
FTSE 250 - Fallers
Funding Circle Holdings (FCH) 118.80p -27.12%
Jupiter Fund Management (JUP) 397.20p -8.06%
Premier Oil (PMO) 78.68p -3.98%
Kaz Minerals (KAZ) 592.33p -3.72%
Future (FUTR) 1,000.00p -3.47%
Intu Properties (INTU) 74.36p -2.67%
Drax Group (DRX) 268.20p -2.47%
Travis Perkins (TPK) 1,290.00p -2.31%
FDM Group (Holdings) (FDM) 955.00p -1.85%
Capital & Counties Properties (CAPC) 213.30p -1.75%