FTSE 250 movers: Ferrexpo strikes upward, Wizz flies lower
London's FTSE 250 index was 0.37% higher at 19,189.01 in afternoon trade on Monday, with Ferrexpo leading the index higher despite delaying the release of its final results.
The commodity trading and mining company rose strongly even after it announced a further delay in releasing its annual results to give more time for an independent review of the company’s donations to a charity called Blooming Land, a Ukrainian charity set up to coordinate Ferrexpo’s corporate and social responsibility programme.
Analysts at Shore Capital said: "Laudably, rather than sweeping the matter under the carpet, in the interests of transparency and governance, Ferrexpo has set up an independent committee that has been investigating the matter. Encouragingly, the company said today that progress has been made in receiving explanations regarding differences on the bank statements. Third-party evidence have also been received explaining some of the possible disceprancies."
Babcock International found a bid on the back of reports suggesting that its new chair will be Ruth Cairnie, a non-executive director at Rolls Royce and a former executive at Shell.
Oilers Premier Oil and Tullow Oil were also on the up, along with oilfield services provider Weir, as oil prices climbed after OPEC again rebuffed calls from US President Donald Trump to increase supply in order to lower prices.
Meanwhile, infrastructure developer and operator John Laing edged upward after being upgraded to 'outperform' at RBC Capital Markets.
Wizz Air was the top faller on the second-tier index, following a statement from fellow low-cost airline Easyjet cautioning that "macroeconomic uncertainty and many unanswered questions surrounding Brexit are together driving weaker customer demand" and amid reports of increased stockpiling among UK manufacturers.
George Salmon, equity analyst at Hargreaves Lansdown, said: "Higher fuel costs are hitting profits and with Brexit potentially impacting travel regulations and currency markets, customers are understandably waiting for more certainty before booking trips away. The group reckons demand will pick up later in the year, but a more pragmatic observer would say it’s difficult to put a timeframe on when Westminster and the EU 27 will solve the Brexit puzzle."
Finally, Sabre Insurance was lower after analysts at Canaccord cut their rating of the stock from 'buy' to 'hold' as they felt that the underwriter will not be able to swerve a "challenging" year for motor insurers.
FTSE 250 (MCX) 19,189.01 0.37%
FTSE 250 - Risers
Ferrexpo (FXPO) 263.70p 6.50%
Indivior (INDV) 100.30p 4.41%
Weir Group (WEIR) 1,617.50p 3.82%
Investec (INVP) 458.40p 3.64%
Babcock International Group (BAB) 511.00p 3.55%
Premier Oil (PMO) 97.28p 3.54%
Metro Bank (MTRO) 782.75p 3.27%
TI Fluid Systems (TIFS) 188.80p 3.17%
John Laing Group (JLG) 390.80p 2.84%
Tullow Oil (TLW) 247.20p 2.74%
FTSE 250 - Fallers
Wizz Air Holdings (WIZZ) 2,826.00p -6.11%
Contour Global (GLO) 165.80p -3.94%
Fisher (James) & Sons (FSJ) 1,908.00p -3.44%
Sanne Group (SNN) 525.00p -2.78%
Moneysupermarket.com Group (MONY) 362.00p -2.71%
Funding Circle Holdings (FCH) 386.50p -2.64%
Vivo Energy (VVO) 125.00p -2.59%
Hunting (HTG) 580.00p -2.44%
Sabre Insurance Group (SBRE) 279.79p -2.17%
Stobart Group Ltd. (STOB) 148.80p -2.11%