FTSE 250 movers: Aston Martin stalls, Inmarsat takes off
London’s FTSE 250 was down 0.39% at 18,725.45 in afternoon trading on Friday, as Jaguar Land Rover's poor results had a knock-on effect.
Aston Martin Lagonda was the top faller after fellow luxury vehicle manufacturer Jaguar Land Rover reported a £3.4bn loss for the last three months of 2018 as a collapse in Chinese sales, stronger regulations and demand for cleaner models took their toll.
Meanwhile, Hays dropped ahead of the release of interim results next week and Beazley inched lower following a solid showing on Thursday when its 2018 pre-tax profit came in better than expected and the insurer said it expects a stronger 2019.
Satellite telecommunications company Inmarsat was the top riser, followed by oilfield services provider Petrofac, which was recovering from heavy falls a day earlier after one of its former executives pleaded guilty to 11 counts of bribery as part of an ongoing investigation into the company by the Serious Fraud Office.
Travis Perkins was on the way up after being upgraded to 'outperform' at RBC Capital Markets, who lifted the price target to 1,550p from 1,180p as analysts took a long view on the stock.
"Brexit and the macro mean uncertainty is high, but we have taken a longer-term view and looked at what TPK could look like in five years. We see potential for a more focused group, higher growth and margins, a re-rating and significant returns of cash to shareholders. Execution is a risk, but we see risk reward as in favour," it said.
Tate & Lyle rose as Goldman Sachs raised its target price for the stock from 700p to 720p a day after the company reported that full-year earnings per share were likely to come in towards the lower end of its guidance range as it takes a hit from energy and transport cost inflation in North America and a strong performance from commodities in 2018.
FTSE 250 - Risers
Inmarsat (ISAT) 373.80p 2.02%
Elementis (ELM) 187.90p 1.84%
Petrofac Ltd. (PFC) 401.70p 1.82%
Stagecoach Group (SGC) 155.90p 1.63%
Ted Baker (TED) 1,856.00p 1.53%
Amigo Holdings (AMGO) 247.95p 1.45%
Travis Perkins (TPK) 1,225.95p 1.44%
Tate & Lyle (TATE) 695.80p 1.43%
Renishaw (RSW) 4,378.00p 1.39%
NewRiver REIT (NRR) 217.46p 1.38%
FTSE 250 - Fallers
Aston Martin Lagonda Global Holdings (AML) 1,130.00p -5.04%
BCA Marketplace (BCA) 199.80p -4.06%
TalkTalk Telecom Group (TALK) 97.65p -2.41%
Vivo Energy (VVO) 130.00p -2.40%
Indivior (INDV) 100.50p -2.28%
Hays (HAS) 150.50p -2.27%
Dunelm Group (DNLM) 703.00p -2.23%
Greencore Group (GNC) 191.50p -2.22%
Beazley (BEZ) 508.75p -2.16%
Playtech (PTEC) 386.60p -2.15%