FTSE 250 movers: Inchcape revs up index; Ferrexpo out of favour again
A solid rise in Inchcape shares helped stop a bigger slide in the FTSE 250 on Monday as the company was revved up by news it had bought Suzuki-focused Central American dealer Grupo Rudelman for $284m ( £201m), on a cash-free and debt-free basis.
Inchcape said the price represented approximately earnings before interest and tax of $29.4m for the 12 months to end-December 2017.
Grupo Rudelman operates in Costa Rica and Panama selling Suzukis, primarily SUVs and small-engine compact cars, which are “particularly well suited to local market preferences”, it added.
Shares in pharmaceuticals group Indivior rebounded from their dive on Friday when the company said a US court had ruled a generic drug developed by America’s Alvogen did not infringe three of its patents.
The stock recovered more than 4% from its close last week. The dispute in the US is over its largest selling opioid addiction treatment Suboxone.
Utility company Pennon shares were up after the company said it was on track to meet full year expectations but warned that its energy recovery facility in Glasgow would cost £95m more than the original budget figure of £155m.
Pennon said the final price rise was dependent on the outcome of litigation with Interserve after it handed the outsourcer its marching orders in 2016 after delays on the project, which is run by its Viridor unit.
JD Sports Fashion was higher as it agreed a "transformational" $558m acquisition of Nasdaq-listed retailer The Finish Line in a deal that would add a 556-store estate across 44 US states.
Iron ore pellet producer Ferrexpo led the fallers. The shares have almost doubled in a year and were off again last week despite announcing a record dividend as earnings lifted on stronger demand from the steel industry.
Investors toook note that analysts at Liberum and Investec maintained a "sell" on the stock, expressing concerns over a slow down in steel markets.
FTSE 250 (MCX) 19,305.64 -0.07%
FTSE 250 - Risers
Petrofac Ltd. (PFC) 532.20p 4.35%
Indivior (INDV) 399.20p 4.28%
Inchcape (INCH) 692.50p 3.13%
Cineworld Group (CINE) 229.60p 2.59%
TI Fluid Systems (TIFS) 252.00p 2.44%
TBC Bank Group (TBCG) 1,890.00p 2.16%
Cairn Energy (CNE) 208.80p 2.15%
Sanne Group (SNN) 696.00p 1.90%
Beazley (BEZ) 560.50p 1.82%
Hikma Pharmaceuticals (HIK) 1,140.50p 1.78%
FTSE 250 - Fallers
Ferrexpo (FXPO) 257.40p -3.23%
Syncona Limited NPV (SYNC) 190.00p -2.96%
Inmarsat (ISAT) 362.50p -2.79%
Big Yellow Group (BYG) 819.50p -2.61%
Capita (CPI) 146.75p -2.59%
Wood Group (John) (WG.) 561.20p -2.47%
On The Beach Group (OTB) 525.32p -2.36%
Greencore Group (GNC) 127.95p -2.25%
esure Group (ESUR) 211.80p -2.22%
FirstGroup (FGP) 77.64p -2.21%