FTSE 250 movers: Kier's reassurance soothes punters; Renishaw takes a tumble
Reassurances from construction and services contractor Kier Group over its debt, order book and current contract performance, arrested the stock's recent plunge after the collapse of sector peer Carillion on Thrsday.
On 15 January, after Carillion was dramatically put into compulsory insolvency, Kier and Eiffage took over full responsibility for what had been the three-way joint venture to construct two sections of the HS2 rail project. Kier has also assumed full responsibility for the Highways England smart motorways schemes that had been a joint venture with Carillion.
"The above contracts are all performing well, operationally and financially," the FTSE 250-listed group said on Thursday as it gave an update on the half-year period to 31 December ahead of results in March.
Dechra Pharmaceuticals gained as the company announced the acquisition of Netherlands-based AST Farma and Le Vet for €340m.
Close Brothers shares were also in the black after it reported a rise in its loan book and said it remained well placed for the full 2018 financial year, as it announced the departure of its finance director, while Grainger also rose after an upgrade to ‘overweight’ at JPM.
Renishaw slumped despite posting a 73% increase in first-half profits.
Kaz Minerals shares were also in the red after it reported a bumper increase in full-year copper production on Thursday, with the figure rising 80% over 2016 to 259 kt in the 2017 calendar year.
The company said that was at the top of February 2017 full-year guidance of between 225 kt and 260 kt, and in line with its updated range of between 250 kt and 270 kt.
Full-year gold production of 179 koz was also at the upper end of its guidance range, of between 160 loz and 180 koz.
Market Movers
FTSE 100 (UKX) 7,655.21 0.15%
FTSE 250 (MCX) 20,553.25 0.07%
techMARK (TASX) 3,473.10 0.04%
FTSE 250 - Risers
Kier Group (KIE) 1,129.00p 17.91%
Dechra Pharmaceuticals (DPH) 2,236.00p 8.44%
Close Brothers Group (CBG) 1,537.97p 5.99%
Grainger (GRI) 299.60p 5.05%
Convatec Group (CTEC) 208.30p 3.27%
Mitie Group (MTO) 179.60p 2.80%
Mitchells & Butlers (MAB) 264.60p 2.32%
Go-Ahead Group (GOG) 1,651.00p 2.29%
OneSavings Bank (OSB) 408.80p 2.20%
CLS Holdings (CLI) 244.00p 2.09%
FTSE 250 - Fallers
Renishaw (RSW) 5,065.00p -10.20%
Kaz Minerals (KAZ) 853.00p -4.16%
Hikma Pharmaceuticals (HIK) 1,004.00p -2.95%
Ferrexpo (FXPO) 289.13p -2.72%
SSP Group (SSPG) 638.00p -2.52%
Vectura Group (VEC) 102.10p -2.48%
Provident Financial (PFG) 685.00p -2.42%
Daejan Holdings (DJAN) 6,040.00p -2.27%
Pennon Group (PNN) 724.80p -2.27%
Sophos Group (SOPH) 628.50p -2.26%