FTSE 250 movers: G4S slumps; Rank Group rallies
London’s FTSE 250 was down 0.5% at 20,938.78 in afternoon trade on Monday.
G4S was under the cosh after Canadian security services firm GardaWorld said it will not raise its offer for the company, paving the way for Allied Universal to buy the London-listed security services firm.
CMC Markets analyst Michael Hewson said the news about GardaWorld had disappointed those shareholders who were holding out for a better offer than Allied Universal’s.
"G4S has been a business that has seen its fair share of problems over the past three years, its share price down sharply from the record highs seen back in July 2017," he said. "Last year the company reported a £91m loss after writing down the value of its cash handling business, and has also been involved in a number of incidents that have damaged its credibility. The shareholder hold-outs need to accept that they are unlikely to wring any more out of this particular bid, and accept the money on the table now."
Mecca Bingo and Grosvenor Casinos owner Rank Group was the top gainer on the index, closely followed by travel company TUI and budget airline Wizz, as investors mulled the prospect of easing Covid restrictions.
Pub group Wetherspoons, Upper Crust and Ritazza owner SSP and WH Smith were also higher.
FTSE 250 - Risers
Rank Group (RNK) 153.00p 7.44%
XP Power Ltd. (DI) (XPP) 5,600.00p 4.87%
Provident Financial (PFG) 284.40p 4.41%
TUI AG Reg Shs (DI) (TUI) 372.40p 4.37%
Wizz Air Holdings (WIZZ) 5,055.00p 4.23%
Babcock International Group (BAB) 237.40p 3.71%
CMC Markets (CMCX) 430.50p 3.49%
Wetherspoon (J.D.) (JDW) 1,277.00p 3.32%
SSP Group (SSPG) 310.40p 3.12%
WH Smith (SMWH) 1,736.00p 3.09%
FTSE 250 - Fallers
G4S (GFS) 242.50p -9.85%
Premier Foods (PFD) 87.60p -5.91%
Diploma (DPLM) 2,422.00p -5.02%
Fidelity China Special Situations (FCSS) 463.50p -3.94%
Templeton Emerging Markets Inv Trust (TEM) 1,024.00p -3.58%
Just Eat Takeaway.Com N.V. (CDI) (JET) 7,260.00p -3.30%
JPMorgan Emerging Markets Inv Trust (JMG) 145.50p -3.26%
Pets at Home Group (PETS) 377.40p -3.23%
Genesis Emerging Markets Fund Ltd Ptg NPV (GSS) 897.00p -3.03%
Allianz Technology Trust (ATT) 3,095.00p -2.98%