FTSE 250 movers: Drax powers ahead; Centamin shines
London’s FTSE 250 was up 0.8% to 15,516.56 in afternoon trade on Wednesday.
Power generation company Drax rallied as it said core profit for 2020 should be in line with market expectations inclusive of a potential £60m hit from the coronavirus pandemic, although the customer business is expected to make a loss.
The company said full-year adjusted earnings before interest tax, depreciation and amortisation is currently in line with consensus including the estimated hit from the impact of Covid-19.
Drax said it expects lower power demand and increased bad debts in its customer businesses.
Gold miner Centamin shone as Berenberg said it was on track for 2020 production guidance and its dividend should to deliver a chunky yield. The bank, which upped its price target on the stock to 148p from 137p and left the shares at ‘buy’, said the company's first-quarter trading was pleasing with production and costs in line with full-year guidance.
Builders’ merchant Grafton was on the rise as FTSE 100 building materials group CRH rallied after posting an increase in first-quarter like-for-like sales and announcing a series of cost-cutting measures, including 25% pay cuts for leadership teams and board members. It also reaffirmed its final dividend of 63 cents a share.
FTSE 250 - Risers
Premier Oil (PMO) 24.35p 16.12%
Drax Group (DRX) 218.00p 10.49%
Centamin (DI) (CEY) 153.60p 8.67%
Cineworld Group (CINE) 58.56p 8.61%
Cairn Energy (CNE) 98.35p 8.37%
Helios Towers (HTWS) 130.60p 8.29%
Grafton Group Units (GFTU) 554.50p 7.36%
Future (FUTR) 1,028.00p 7.19%
Vivo Energy (VVO) 72.10p 6.50%
WH Smith (SMWH) 1,126.00p 6.03%
FTSE 250 - Fallers
Aston Martin Lagonda Global Holdings (AML) 50.00p -5.66%
Provident Financial (PFG) 151.80p -5.60%
Hammerson (HMSO) 60.18p -5.02%
QinetiQ Group (QQ.) 317.20p -4.63%
TUI AG Reg Shs (DI) (TUI) 307.20p -4.57%
Capita (CPI) 30.70p -4.30%
Hyve Group (HYVE) 22.60p -3.83%
Marks & Spencer Group (MKS) 87.72p -3.65%
Contour Global (GLO) 146.60p -3.55%
Ascential (ASCL) 212.00p -3.20%