FTSE 250 movers: Hastings higher on upgrade; energy shares drop
London’s FTSE 250 was down 0.6% at 21,450.65 in afternoon trade on Friday.
Hunting, Wood Group, Cairn Energy and Tullow Oil were all weaker as oil prices fell.
Going the other way, Future was the standout gainer. Shares of the magazine publisher slid last week after London-based research firm and short-seller Shadowfall Research said it was short the stock, arguing that it’s overvalued.
On Monday, the company said in a trading update that it expected the full-year outcome to be "materially ahead" of the board’s expectations despite some uncertainty in the macroeconomic environment.
Beazley was in the green for the second day running after it reported a better-than-expected surged in full-year profit on Thursday.
Hastings was also on the front foot after an upgrade to ‘overweight’ from ‘equalweight’ at Morgan Stanley.
"Hastings is trading at 10.1x2021 earnings versus Admiral and Direct Line at 18.1x and 12.1x respectively," it said, adding that price comparison website pricing advantages will allow it to take market share over the long term.
"However, if the UK motor market does start to harden, liquidity constraints could mean that the shares move before investors are able to build a position," it said, acknowledging that the upgrade may be early and there may be bumps in the road.
FTSE 250 - Risers
Future (FUTR) 1,216.00p 4.47%
Beazley (BEZ) 600.00p 3.63%
Network International Holdings (NETW) 627.00p 2.45%
Games Workshop Group (GAW) 7,32a0.00p 1.95%
Dechra Pharmaceuticals (DPH) 2,908.00p 1.89%
Hastings Group Holdings (HSTG) 187.30p 1.74%
William Hill (WMH) 173.30p 1.73%
Ultra Electronics Holdings (ULE) 2,228.00p 1.55%
St. Modwen Properties (SMP) 502.00p 1.52%
Mitchells & Butlers (MAB) 410.00p 1.49%
FTSE 250 - Fallers
Hunting (HTG) 302.80p -5.32%
Hyve Group (HYVE) 95.00p -4.52%
Kaz Minerals (KAZ) 474.50p -4.04%
Helios Towers (HTWS) 141.30p -3.55%
Wood Group (John) (WG.) 367.10p -3.50%
Kainos Group (KNOS) 838.00p -3.46%
Frasers Group (FRAS) 467.00p -3.31%
Oxford Instruments (OXIG) 1,604.00p -3.02%
Cairn Energy (CNE) 168.50p -2.83%
Tullow Oil (TLW) 48.06p -2.67%