FTSE 250 movers: Gambling stocks weak; Bank of Georgia rallies
London’s FTSE 250 was down 07% at 21,635.10 in afternoon trade on Thursday.
Gambling stocks William Hill, Playtech and GVC Holdings were all weaker following a Financial Times report that the industry regulator will consider limiting the amounts customers can bet online.
Going the other way, Bank of Georgia was the standout performer as it reported a rise in fourth quarter and full year profits, driven by growth in its retail business. Pre-tax profit increased 32.8% year on year to GEL172.05m (£46.5m) in the final quarter of 2019, while revenue increased by 1.05% year-on-year to GEL208bn. Full year pre-tax profit rose 22% to GEL572.8M.
Lancashire Holdings gained ground as it posted a jump in full-year profit and an improvement in its combined ratio.
In the year to the end of December, pre-tax profit rose to $119.5m from $33.6m the year before, while the combined ratio - which measures an insurer’s profitability - improved to 80.9% from 92.2%. Analysts had been expecting pre-tax profit of $76m and a combined ratio of 89.9%.
Domino's Pizza rallied after agreeing to sell its entire 71% stake in Domino’s Norway to Pizza Holding AS and EYJA Fjarfestingafelag III EHF, the existing minority shareholders in the business. Domino's will pay a cash outlay of £7m and fund the Norwegian arm’s losses until completion.
FTSE 250 - Risers
Bank of Georgia Group (BGEO) 1,738.00p 6.69%
TBC Bank Group (TBCG) 1,300.00p 5.01%
PureTech Health (PRTC) 315.00p 3.62%
Redrow (RDW) 816.00p 3.16%
Fresnillo (FRES) 665.80p 2.94%
Watches of Switzerland Group (WOSG) 381.80p 2.91%
Future (FUTR) 1,232.00p 2.84%
Centamin (DI) (CEY) 135.85p 2.72%
Lancashire Holdings Limited (LRE) 788.50p 2.14%
Domino's Pizza Group (DOM) 313.40p 2.08%
FTSE 250 - Fallers
William Hill (WMH) 181.70p -7.32%
Playtech (PTEC) 340.40p -7.27%
GVC Holdings (GVC) 868.20p -6.81%
Finablr (FIN) 82.80p -4.33%
Ascential (ASCL) 364.00p -4.31%
Hyve Group (HYVE) 94.60p -4.25%
RHI Magnesita N.V. (DI) (RHIM) 3,170.00p -3.29%
Rotork (ROR) 309.50p -3.28%
Aston Martin Lagonda Global Holdings (AML) 444.20p -3.27%
TI Fluid Systems (TIFS) 240.50p -3.22%