FTSE 250 movers: Sirius on fertile ground; Sophos dives
London's FTSE 250 was steady at 20,362.95 in afternoon trade on Monday.
Sirius Minerals racked up strong gains as it secured a supply deal to sell up to 2.5m tonnes per year of POLY4 - its flagship fertiliser product - to Brazilian fertiliser distribution company The Cibra Group.
Chris Fraser, managing director and chief executive of Sirius, said that his company was "delighted" to have signed the supply and investment agreements with a "leading player" in the South American fertiliser market, with a proven track record and "ambitious" growth plans.
Tullow Oil was also on the rise after being upgraded to 'buy' at Canaccord Genuity, which highlighted "clear signs of a return to meaningful exploration".
The broker also raised its target price for the company's shares to 270p from 250p and cited a high impact well underway in Namibia and the more recent Exxon discovery off the coast of Guyana as having strong "positive implications" for Tullow.
Kier made positive moves despite The Times reporting that hedge funds that made millions betting on the demise of Carillion have turned up the pressure on the construction giant.
The Bedfordshire-based builder has seen the proportion of its shares on loan to short sellers surge to 18% as of Friday, up from 10% one month ago, according to data from IHS Markit, leaving the stock among the most shorted on the main London market.
The company had surged on Friday after Peel Hunt and house broker Liberum reiterated their 'buy' recommendations ahead of results on Thursday.
Clarkson recovered after dropping sharply last week on the back of another share sale from Peter Anker, president of brokerage and investment banking, and his wife. They sold 52,059 and 41,647 shares respectively at a price of 2,725p to gross £2.55m between them, taking their share sales to £5m since July.
Security software firm Sophos was the big faller in afternoon trade after Deutsche Bank cut its rating to 'hold' and slashed its price target to 530p from 630p amid rising competition and challenging guidance.
The bank said competition in Endpoint, which blocks malware and infections, appears to be worsening and there is increasing evidence of enterprise level next generation players attacking the mid-market.
Specialist recruitment company Hays was cut to 'hold' at HSBC, with a target price downgraded from 220p to 205p in a sector note on UK staffing firms, citing concerns over its "premium valuation".
"A flattening yield curve is much in focus with a widespread belief that this heralds a recession, especially if the yield curve in the US is about to invert. Historically, for professional staffers, in such periods we have seen a period of strong earnings growth, and multiple expansion, after the initial inversion," said the broker.
Meanwhile, Investec settled back down after the South African financial heavyweight surged on Friday after saying it will spin off its asset management arm with an initial public offering in London and reporting interim profits ahead of last year.
Market Movers
FTSE 250 (MCX) 20,362.95 -0.06%
FTSE 250 - Risers
Sirius Minerals (SXX) 28.90p 4.94%
Kier Group (KIE) 1,022.00p 3.97%
Tullow Oil (TLW) 236.40p 3.01%
Metro Bank (MTRO) 2,884.00p 2.85%
On The Beach Group (OTB) 509.00p 2.52%
OneSavings Bank (OSB) 417.80p 2.40%
Cairn Energy (CNE) 216.20p 2.27%
Premier Oil (PMO) 123.40p 2.07%
Clarkson (CKN) 2,724.75p 2.05%
Just Group (JUST) 74.95p 1.97%
FTSE 250 - Fallers
Sophos Group (SOPH) 486.80p -5.93%
Indivior (INDV) 255.80p -5.19%
Superdry (SDRY) 1,137.00p -3.32%
Kaz Minerals (KAZ) 461.60p -3.05%
Hays (HAS) 205.00p -2.66%
Hikma Pharmaceuticals (HIK) 1,914.50p -2.42%
Investec (INVP) 513.00p -2.32%
Greggs (GRG) 1,061.14p -2.20%
Fidelity China Special Situations (FCSS) 204.20p -1.83%
William Hill (WMH) 259.80p -1.78%