FTSE 250 movers: Genus gains after update; Future slumps
London’s FTSE 250 was down 0.9% at 19,608.51 in afternoon trade on Wednesday.
Future slumped after agreeing to buy GoCo in a deal that values the GoCompare owner at 136p a share, as it reported a jump in full-year profit and revenue. Under the terms of the deal, GoCo shareholders will receive 0.052497 new Future shares and 33p in cash for each of their shares.
Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: "The deal is clearly a positive for GoCo shareholders, at least in the short term, but what it offers Future investors is less clear. If investors in Future wanted exposure to GoCo’s AutoSave business they could have bought the shares in the market yesterday, and at a significantly lower price. We think Future has its work cut out to prove the deal adds up."
TUI and Cineworld were both under the cosh, having gained recently on vaccine hopes and news of a shorter quarantine for travellers to England.
Virgin Money was under pressure as it reported a slump in underlying profits after taking a £501m impairment charge as Britain’s economy braces for the coronavirus crisis fallout. The company, Britain's sixth-biggest lender, said underlying pre-tax profit fell 77% to £124m the year to September 30. Pre-tax losses narrowed to £168m from a loss of £232m a year earlier.
On the upside, animal genetics company Genus was the top performer after saying it is likely to perform ahead of its previous profit growth expectations for the financial year 2021.
FTSE 250 - Risers
Genus (GNS) 4,202.00p 7.19%
Centrica (CNA) 47.00p 3.66%
Frasers Group (FRAS) 467.20p 3.55%
AO World (AO.) 389.00p 2.91%
Pershing Square Holdings Ltd NPV (PSH) 2,345.00p 2.85%
Capital & Counties Properties (CAPC) 140.20p 2.79%
Moneysupermarket.com Group (MONY) 264.00p 2.64%
VinaCapital Vietnam Opportunity Fund Ltd. (VOF) 386.00p 2.25%
Euromoney Institutional Investor (ERM) 1,030.00p 2.18%
Spirent Communications (SPT) 252.00p 1.82%
FTSE 250 - Fallers
Future (FUTR) 1,678.00p -14.48%
Capita (CPI) 46.65p -7.73%
Network International Holdings (NETW) 283.00p -5.60%
TUI AG Reg Shs (DI) (TUI) 517.20p -5.38%
Greencore Group (GNC) 118.00p -4.84%
Cineworld Group (CINE) 56.32p -4.54%
Petrofac Ltd. (PFC) 166.95p -4.38%
Clarkson (CKN) 2,645.00p -4.34%
Virgin Money UK (VMUK) 140.65p -4.32%
Wood Group (John) (WG.) 303.90p -3.83%