FTSE 250 movers: Frasers hit by downgrade; Plus500 rallies
London’s FTSE 250 was down 1.2% at 22,707.46 in afternoon trade on Monday.
Mike Ashley’s Frasers Group was knocked lower by a double-downgrade to ‘underperform’ at Bank of America Merrill Lynch following a 50% rally year-to-date. Merrill said it sees incremental risks to the core sports retail business as industry supply chain issues potentially accelerate wholesale consolidation.
Media group Future also fell despite saying that full-year operating profit was set to be at the top end of expectations thanks to continued momentum in digital advertising, as it announced the departure of its chief financial officer.
Full-year adjusted operating profit will be at the top end of the consensus range of between £183.5m and £193.6m, it said, following July's upgraded forecast for the year. This compares to FY20 adjusted operating profit of £93.4m.
Online trading platform Plus500 rallied after saying it expects 2021 revenue and core earnings to be ahead of analyst forecasts after delivering "further positive momentum" in the third quarter.
In an update for the period ended 30 September, the company said the momentum was achieved despite more stable market conditions compared to recent quarters.
It highlighted "consistent strength" in customer income and said this has supported a strong revenue performance in the year to date
FTSE 250 - Risers
Harbour Energy (HBR) 372.40p 4.90%
Syncona Limited NPV (SYNC) 177.00p 4.12%
Wood Group (John) (WG.) 233.15p 3.39%
Plus500 Ltd (DI) (PLUS) 1,423.50p 3.15%
CMC Markets (CMCX) 278.00p 2.77%
Energean (ENOG) 904.00p 2.26%
Marks & Spencer Group (MKS) 185.50p 2.15%
Hill & Smith Holdings (HILS) 1,736.00p 2.00%
Babcock International Group (BAB) 374.90p 1.96%
Contour Global (GLO) 191.20p 1.59%
FTSE 250 - Fallers
Frasers Group (FRAS) 618.00p -7.21%
Restaurant Group (RTN) 99.50p -5.78%
Moonpig Group (MOON) 297.80p -5.64%
Future (FUTR) 3,586.00p -4.58%
Trainline (TRN) 342.20p -4.41%
Wetherspoon (J.D.) (JDW) 1,025.00p -4.12%
Greggs (GRG) 2,862.00p -4.09%
Clarkson (CKN) 3,740.00p -3.86%
Volution Group (FAN) 476.50p -3.83%
Renishaw (RSW) 4,466.00p -3.79%