FTSE 250 movers: GVC falters, Cineworld climbs
London's FTSE 250 was 0.34% lower at 19,587.77 in afternoon trade on Monday, with GVC Holdings leading the index lower.
GVC Holdings came in as the top faller after the Sunday Times reported that it offloaded its Turkish business to a business partner of its chief executive.
The report said the disposal of the lucrative Turkish business, which paved the way for GVC's £4bn swoop on bookmaker Ladbrokes Coral, has left the company facing fresh questions over its corporate governance.
Inchcape slipped lower as analysts at JPMorgan downgraded the stock to 'neutral', with analysts arguing that new car sales are deteriorating across the majority of territories, leaving a challenging backdrop for the dealership.
Jupiter Fund Management was also down due to broker action, dropping lower after being cut from 'hold' to 'underperform' by analysts at Jefferies.
At the other end of the pitch, Cineworld led the index higher as RBC Capital Markets flagged the stock as a "fantastic" buying opportunity for investors and private equity alike following the weak film slate in the first half.
"H2 2018 is a less demanding comparative – especially over Christmas. The group will benefit from Spiderman and Lion King in July – with BoxOffice.com estimating $405m and $650m, respectively, compared with Mission Impossible ($220m) and Ant-Man and the Wasp ($217m) in 2018. Christmas is also looking strong with Star Wars and Jumanji against the disappointing Aquaman ($335m) and Mary Poppins ($171m)," said analysts.
Gold miners Centamin, Acacia Mining, Hochschild Mining and Polymetal advanced after the yellow metal's price rallied on Monday following a plunge at the end of last week after the release of the most recent US jobs data.
Acacia Mining also reported that its second quarter gold production rose 19% year-on-year to 158,774 ounces mainly due to higher production at its North Mara mine in Tanzania.
FTSE 250 (MCX) 19,587.77 -0.34%
FTSE 250 - Risers
Cineworld Group (CINE) 263.70p 3.53%
Centamin (DI) (CEY) 113.65p 3.41%
Daejan Holdings (DJAN) 5,600.00p 2.38%
Acacia Mining (ACA) 174.83p 2.36%
Hochschild Mining (HOC) 197.30p 2.33%
Premier Oil (PMO) 75.30p 2.14%
Stagecoach Group (SGC) 127.90p 1.75%
Bank of Georgia Group (BGEO) 1,561.00p 1.69%
Plus500 Ltd (DI) (PLUS) 620.60p 1.54%
Polymetal International (POLY) 1,035.50p 1.52%
FTSE 250 - Fallers
GVC Holdings (GVC) 629.80p -6.97%
Inchcape (INCH) 608.00p -3.42%
Elementis (ELM) 132.91p -3.20%
Kainos Group (KNOS) 630.00p -2.78%
Mediclinic International (MDC) 313.10p -2.37%
Serco Group (SRP) 136.33p -2.35%
Jupiter Fund Management (JUP) 390.80p -2.25%
Senior (SNR) 220.20p -2.22%
McCarthy & Stone (MCS) 139.50p -2.17%
Ted Baker (TED) 813.50p -2.16%