FTSE 250 movers: Metro Bank slumps, AG Barr fizzes higher
London's FTSE 250 was down 0.34% at 19,975.17 in afternoon trade on Tuesday, with Metro Bank leading the index lower.
The challenger bank slumped after it pulled a £250m bond sale on Monday as it wasn't able to attract enough investors.
Russ Mould, investment director at AJ Bell, said that the failure to get enough support for a product that is yielding 7.5% was quite remarkable and suggested that investors don’t trust the bank.
"Metro Bank has lost all credibility with the market after accounting issues earlier this year and a regulatory investigation. The failure of the bond sale adds another negative factor to its bow," he said.
Primary Health Properties was lower after it announced its intention to issue new ordinary shares to raise gross proceeds of £75m, with the ability to upscale to £100m subject to demand.
On the upside, AG Barr led the risers even after it posted a 26% drop in interim profit due to higher prices, as this was in line with revised expectations.
Analysts from Shore Capital said: "We back Barr to rebuild from the revised base and we continue to view the company as a core holding amongst the UK consumer universe with its high quality portfolio of differentiated brands, strong track record on innovation, well invested assets, scope for distribution gains and strong cash-generation and balance sheet."
Finally, Card Factory gained as it announced special dividend of 5p per share alongside its unchanged interim dividend of 2.9p, though first half profits fell by 14% due to Brexit stockpiling and higher wages.
Market Movers
FTSE 250 (MCX) 19,975.17 -0.34%
FTSE 250 - Risers
Barr (A.G.) (BAG) 607.00p 3.58%
UDG Healthcare Public Limited Company (UDG) 758.00p 2.99%
CLS Holdings (CLI) 243.00p 2.53%
Card Factory (CARD) 166.10p 2.53%
Hikma Pharmaceuticals (HIK) 2,139.00p 2.34%
Funding Circle Holdings (FCH) 97.70p 2.30%
Vivo Energy (VVO) 128.40p 2.07%
William Hill (WMH) 187.95p 1.84%
Big Yellow Group (BYG) 1,034.00p 1.77%
B&M European Value Retail S.A. (DI) (BME) 385.80p 1.69%
FTSE 250 - Fallers
Metro Bank (MTRO) 204.79p -24.87%
Sanne Group (SNN) 540.00p -5.59%
Investec (INVP) 418.00p -5.41%
Primary Health Properties (PHP) 132.50p -5.22%
PureTech Health (PRTC) 245.89p -4.69%
4Imprint Group (FOUR) 2,860.00p -4.67%
Fisher (James) & Sons (FSJ) 2,025.00p -2.88%
FDM Group (Holdings) (FDM) 752.00p -2.84%
AJ Bell (AJB) 406.50p -2.75%
IP Group (IPO) 61.30p -2.70%