FTSE 250 movers: John Laing rises on Carillion update but Provident takes a hit again
London's FTSE 250 was up 0.3% to 20,674.43 in afternoon trade on Monday.
John Laing Infrastructure advanced as it said there would be “minimal” service disruption from the Carillion collapse but that it expects additional advisory and transaction costs to be approximately £3m in aggregate.
On the downside, TalkTalk was under the cosh as Societe Generale cut its price target on the stock to 125p from 150p.
"The top line may take time to stabilise, while slowing savings and increased cash costs drag our EBITDA and cash flow well below consensus. A lack of owned access network leaves gross margin open to pressure, is expensive and slow to solve, and may deter potential buyers," the bank said.
Provident Financial was on the back foot on news that four former managers of its restructured doorstep lending business will be given employment tribunals after claiming for unfair dismissal. The ex-boss of Provident’s home credit business, Andy Parkinson, has a hearing scheduled for mid-April and three other executives hired to work at the division under Parkinson will have their hearings in the the spring, The Times reported.
Irish convenience foods company Greencore retreated after saying it has agreed to sell its cakes and desserts business in Hull to ambient cake manufacturer Bright Blue Foods for an undisclosed sum.
This sale, along with the group's announced closure of the desserts facility in Evercreech, marks Greencore's exit from the UK cakes and desserts sector.
Risers
Sirius Minerals (SXX) 23.92p 3.19%
Intermediate Capital Group (ICP) 1,159.00p 3.02%
Barr (A.G.) (BAG) 648.00p 3.02%
Herald Investment Trust (HRI) 1,229.00p 2.85%
Galliford Try (GFRD) 1,153.00p 2.76%
Renishaw (RSW) 4,904.00p 2.59%
Cairn Energy (CNE) 222.60p 2.58%
Ferrexpo (FXPO) 308.20p 2.53%
Vectura Group (VEC) 109.80p 2.52%
John Laing Infrastructure Fund Ltd (JLIF) 116.20p 2.47%
Fallers
TalkTalk Telecom Group (TALK) 134.40p -3.79%
Provident Financial (PFG) 676.00p -3.68%
Brown (N.) Group (BWNG) 206.40p -3.37%
Ibstock (IBST) 263.94p -2.10%
AA (AA.) 146.45p -1.94%
Hunting (HTG) 635.50p -1.93%
Greencore Group (GNC) 205.00p -1.91%
Superdry (SDRY) 1,766.00p -1.78%
Telecom Plus (TEP) 1,134.00p -1.73%
Saga (SAGA) 119.81p -1.71%