FTSE 250 movers: Chemicals makers spill lower, Cineworld climbs
London's FTSE 250 was 0.77% lower at 19,431.28 in afternoon trade on Tuesday, with chemicals companies dragging the index downward.
Bodycote, RHI Magnesita, Elementis and TI Fluid Systems led the fallers as fellow chemicals maker BASF warned that its full-year earnings would be much lower than expected due to weak automotive markets, a poor crop planting season in North America and continued trade tensions between the US and China.
Neil Wilson, chief market analyst at Markets.com, said: "We note with caution the warning from German chemicals group BASF on Monday, which it pinned largely on trade conflicts. The BASF warning has sent something of a minor tremor through European equities and may be a red flag for other large corporates in Europe and the US as we head into earnings season."
Meanwhile, IP Group also slipped after a regulatory filing showed cornerstone investor Woodford Investment Management had cut its stake in the intellectual property developer from 14.08% to 13.41%.
At the other end of the pitch, Cineworld retained its position at the top of the index's risers after RBC Capital Markets on Monday flagged the stock as a "fantastic" buying opportunity for investors and private equity alike following the weak film slate in the first half.
Finally, Intu Properties climbed after it announced that the conditions for its joint venture for the Intu Derby shopping centre had now been met, and the transaction had completed.
FTSE 250 (MCX) 19,431.28 -0.77%
FTSE 250 - Risers
Cineworld Group (CINE) 260.90p 2.11%
Ascential (ASCL) 356.20p 1.54%
AJ Bell (AJB) 398.00p 1.53%
Bakkavor Group (BAKK) 115.95p 1.35%
Intu Properties (INTU) 79.32p 1.30%
Ted Baker (TED) 817.00p 1.30%
Funding Circle Holdings (FCH) 140.40p 1.15%
Workspace Group (WKP) 882.00p 1.09%
Acacia Mining (ACA) 180.40p 1.06%
Mitchells & Butlers (MAB) 293.50p 1.03%
FTSE 250 - Fallers
Bodycote (BOY) 783.50p -4.97%
RHI Magnesita N.V. (DI) (RHIM) 4,682.00p -4.84%
Vesuvius (VSVS) 519.50p -4.50%
IP Group (IPO) 71.70p -4.40%
Renishaw (RSW) 3,838.00p -4.05%
GVC Holdings (GVC) 604.80p -3.85%
Elementis (ELM) 131.20p -3.46%
Weir Group (WEIR) 1,471.00p -3.26%
TI Fluid Systems (TIFS) 191.22p -3.23%
Wood Group (John) (WG.) 478.75p -3.03%