FTSE 250 movers: Micro Focus surges on update; Shaftesbury weaker
London’s FTSE 250 was up 0.9% at 19,697.46 in afternoon trade on Wednesday.
Micro Focus International surged as the software firm forecast annual margins at the upper end of expectations.
Virgin Money was on the rise after Barclays upgraded its stance on the shares to ‘overweight’ from ‘underweight’ and hiked the price target to 165p from 100p. The bank said it reckons Virgin Money is best placed to enjoy a mortgage tailwind, which it sees as sustainable from 2021, alongside asset quality better than many peers.
"We see long-term value from strong pre-provision operating profit recovery, with Virgin Money on course for double-digit returns beyond 2022," Barclays said.
TBC Bank pushed higher after it said third-quarter profit rose by a fifth as Georgia's biggest lender increased income and set aside less for credit losses.
On the downside, Shaftesbury was under the cosh after FTSE 100 peer British Land posted a decline in underlying half-year profit as the value of its retail assets fell by nearly 15%. The company also warned that due to concerns about Brexit and Covid-19, office leasing volumes will be lower as customers defer long-term decisions.
FTSE 250 - Risers
Micro Focus International (MCRO) 353.20p 30.00%
Cairn Energy (CNE) 162.20p 7.56%
Aston Martin Lagonda Global Holdings (AML) 81.55p 7.44%
Virgin Money UK (VMUK) 150.60p 6.28%
TUI AG Reg Shs (DI) (TUI) 432.70p 6.18%
Indivior (INDV) 132.50p 6.00%
Babcock International Group (BAB) 316.80p 5.88%
BMO Commercial Property Trust Limited (BCPT) 74.70p 5.81%
TBC Bank Group (TBCG) 1,308.00p 5.65%
Grafton Group Ut (GFTU) 849.00p 5.20%
FTSE 250 - Fallers
SSP Group (SSPG) 330.80p -4.34%
Wood Group (John) (WG.) 279.80p -3.35%
Shaftesbury (SHB) 549.00p -2.83%
Pagegroup (PAGE) 442.00p -2.81%
Mitchells & Butlers (MAB) 232.00p -2.32%
National Express Group (NEX) 237.20p -2.06%
Dunelm Group (DNLM) 1,213.00p -1.94%
Network International Holdings (NETW) 274.80p -1.93%
Greencore Group (GNC) 119.60p -1.89%
Workspace Group (WKP) 725.50p -1.83%