FTSE 250 movers: Elementis jumps as company scraps dividend
Investors cheered Elementis's decision to scrap its dividend in response to the "significant demand and operating uncertainty" presented by the coronavirus pandemic.
Britain's largest specialty chemicals and personal care manufacturer also reported that up until 18 March, trading in its new financial year had been in-line with expectations and that its sites around the world remained open and were operating normally.
"The Group is also taking steps to mitigate any potential material adverse financial impact, with focus on optimisation of cash flow via cost savings, working capital reduction and tight management of capex," it added.
Furthermore, it described its liquidity position as "very ample" and said its lender had agreed to relax its debt covenants.
National Express also climbed sharply after it told investors that it would remain cash-flow positive over coming months, despite the disruption to it Spanish operations after Madrid decreed a state of emergency.
However, in the US a large number of customers were still paying their bills partially or in full as states order districts to honour their agreements for school bus services.
Crest Nicholson on the other hand was meted out heavy punishment after the homebuilder conceded that the virus would upset what up until now had been relatively good trading, with the focus now on managing liquidity and defending its cash position and balance sheet.
Market Movers
FTSE 250 (MCX) 12,696.47 -2.40%
FTSE 250 - Risers
Elementis (ELM) 40.86p 123.16%
FirstGroup (FGP) 34.90p 23.41%
National Express Group (NEX) 110.70p 22.46%
Greencore Group (GNC) 128.50p 19.42%
Energean Oil & Gas (ENOG) 355.50p 19.10%
Hiscox Limited (DI) (HSX) 921.00p 17.18%
Intermediate Capital Group (ICP) 655.00p 17.07%
Bakkavor Group (BAKK) 70.00p 16.09%
Micro Focus International (MCRO) 359.35p 15.31%
Avast (AVST) 311.80p 15.23%
FTSE 250 - Fallers
Crest Nicholson Holdings (CRST) 190.30p -26.18%
Virgin Money UK (VMUK) 53.68p -22.36%
4Imprint Group (FOUR) 1,320.00p -20.72%
TBC Bank Group (TBCG) 733.00p -19.72%
Ninety One (N91) 130.04p -18.73%
Marston's (MARS) 26.00p -18.39%
Morgan Sindall Group (MGNS) 1,072.00p -17.79%
NewRiver REIT (NRR) 69.20p -17.42%
OneSavings Bank (OSB) 173.90p -17.03%
Hill & Smith Holdings (HILS) 1,103.00p -16.57%