FTSE 250 movers: CYBG falters, Sanne recovers
London’s FTSE 250 was down 0.52% at 19,783.82 in afternoon trade on Tuesday, as CYBG led the index lower.
Financial Services
13,969.36
17:09 25/04/24
FTSE 250
19,601.98
17:09 25/04/24
FTSE 350
4,434.34
17:09 25/04/24
FTSE All-Share
4,387.94
16:49 25/04/24
Sanne Group
921.00p
16:23 04/08/22
The banking group, which owns the Clydesdale and Yorkshire Bank brands as well as Virgin Money and 'B', led the fallers after it warned that net interest margins were likely to be at the lower end of earlier forecasts as it faced tough competition in mortgage lending.
"While CYBG is not a stock to set pulses racing, we do believe it is a worthy investment due to the high degree of self-help that is embedded in financial forecasts. Specifically, we think that significant merger and digital transformation-related cost synergies should help to mitigate the impact of broader competitive and economic pressures, while a well capitalised balance sheet could see surplus returned to shareholders in the longer-term," said analysts at Shore Capital.
Precision instrument maker Spectris also struggled as it said first half revenues were flat as the US–China trade spat impacted results.
Greggs lost ground as it said second half growth will be more subdued amid tougher comparative figures and warned that overall cost inflation is now set to be at the higher end of full year expectations, though the bakery chain rewarded investors with a special dividend after first half growth was driven by its famous vegan sausage roll.
Weir Group dropped as it reported that "challenging conditions" in the North American oil and gas market weighed on results, with interim operating profits and revenues coming in lower, while convenience foods manufacturer Greencore edged downwards as lower third quarter revenues reflected the impact of site disposals and business exits.
Sanne Group led the risers as it recovered from a fall in yesterday's session, when it had slashed full-year earnings and operating margin expectations.
Despite reducing their target price for the financial services provider from 800p to 650p, analysts at Berenberg noted that top-line growth in the financial services firm's core alternatives business remains "highly attractive" and said the company needs to regain the market's trust following two margin downgrades so far this year.
Chemicals manufacturer Elementis followed suit as it reported an increase first half profits on the back of an improved second quarter in “challenging" trading conditions.
Temporary power provider Aggreko climbed as it reported a slight jump in interim pre-tax profits, though revenue fell 10% to £768m.
Support services group BBA Aviation flew higher after it entered into an agreement to dispose of OEM-licensed parts provider Ontic for a total value of $1.36bn, while Provident Financial followed close behind as it delivered flat first-half pre-tax profits but boasted strong new business volumes.
Finally, Games Workshop edged higher as it delivered a big jump on both its top and bottom line for the full year, resulting in an even bigger rise in the tabletop miniatures specialist's full-year payout.
Market Movers
FTSE 250 (MCX) 19,783.82 -0.52%
FTSE 250 - Risers
Sanne Group (SNN) 555.00p 11.45%
Elementis (ELM) 146.70p 9.81%
Aggreko (AGK) 823.71p 6.01%
BBA Aviation (BBA) 322.20p 5.92%
Hilton Food Group (HFG) 978.00p 4.04%
Provident Financial (PFG) 431.50p 3.85%
Ascential (ASCL) 400.80p 3.51%
Future (FUTR) 1,148.00p 3.42%
Vivo Energy (VVO) 122.80p 3.19%
Games Workshop Group (GAW) 4,830.00p 2.90%
FTSE 250 - Fallers
CYBG (CYBG) 175.30p -11.87%
Metro Bank (MTRO) 371.96p -6.31%
Intu Properties (INTU) 70.30p -6.29%
Hunting (HTG) 511.50p -5.45%
Spectris (SXS) 2,604.00p -5.21%
Greggs (GRG) 2,260.00p -5.20%
Hammerson (HMSO) 238.40p -5.02%
Weir Group (WEIR) 1,484.00p -4.96%
Aston Martin Lagonda Global Holdings (AML) 566.80p -4.84%
Greencore Group (GNC) 214.50p -4.71%