FTSE 250 movers: AJ Bell gains on results; Avon Rubber retreats
London’s FTSE 250 was up 1.1% at 20,097.95 in afternoon trade on Thursday.
Investment platform AJ Bell was higher after it hiked its dividend as it reported a jump in full-year profit and revenue after gaining a record number of customers. In the year to 30 September, pre-tax profit rose 29% to £48.6m on revenue of £126.7m, up 21%. Consensus expectations were for pre-tax profit of £45.5m and revenue of £122.3m.
Total customer numbers increased by a record 63,239, or 27% to 295,305, while the customer retention rate remained high at 95.5% versus 95.4% last year.
Shares in Hochschild Mining tumbled after JPMorgan placed 61.7m shares in the gold miner at 200p each for Pelham Investment Corporation, which is owned by the company’s chairman, Eduardo Hochschild.
Following the share placing, which represents a stake of approximately 12%, Hochschild will own around 197m share in the company, or 38% of its issued share capital.
The placing price represents a 16% discount to the stock’s closing price on Wednesday.
Avon Rubber was weaker as Berenberg lifted its price target on the stock to 4,065p from 3,510p but remained at ‘hold’.
Berenberg said that while the business is well set for a strong 2021, it continues to struggle with its valuation which, at 35.2x September-2022 price-to-earnings, is materially ahead of all comparable metrics.
"Hence, with vaccine news providing greater hope for some value-cyclical rebound, we think there is greater near-term value elsewhere," it said.
Pets at Home and Big Yellow were both lower as their stock went ex-dividend.
FTSE 250 - Risers
Cineworld Group (CINE) 72.50p 13.71%
National Express Group (NEX) 254.40p 7.43%
Network International Holdings (NETW) 304.20p 6.66%
Micro Focus International (MCRO) 387.60p 6.51%
Calisen (CLSN) 206.90p 5.56%
St. Modwen Properties (SMP) 402.50p 5.50%
AJ Bell (AJB) 447.00p 5.30%
Paragon Banking Group (PAG) 454.00p 5.24%
BMO Commercial Property Trust Limited (BCPT) 79.80p 5.14%
Man Group (EMG) 126.55p 4.80%
FTSE 250 - Fallers
Hochschild Mining (HOC) 205.00p -13.43%
TUI AG Reg Shs (DI) (TUI) 446.20p -7.33%
Avon Rubber (AVON) 4,050.00p -4.03%
CMC Markets (CMCX) 365.00p -3.95%
Pets at Home Group (PETS) 394.00p -3.81%
Sabre Insurance Group (SBRE) 252.50p -3.07%
Liontrust Asset Management (LIO) 1,355.00p -2.87%
Big Yellow Group (BYG) 1,104.00p -2.73%
Fisher (James) & Sons (FSJ) 931.00p -2.72%
Ninety One (N91) 219.00p -2.49%