FTSE 250 movers: Micro Focus tumbles; Plus500 rallies
London’s FTSE 250 was down 1.2% at 17,340.80 in afternoon trade on Tuesday.
Micro Focus slumped after the software company said it swung to an interim loss as it recorded a goodwill impairment charge related to the Covid-19 outbreak and struck a cautious note on the outlook.
In the six months to the end of April, it swung to a loss of $1.03bn from a profit of $1.40bn in the same period a year ago as it recorded a goodwill impairment charge of $922.2m "attributable to the increased economic uncertainty as a result of Covid-19".
Polypipe was also weaker after the manufacturer of plastic piping systems announced plans to cut around 250 jobs due to the impact of the coronavirus pandemic, but said it had seen an improvement in trading since its last update in May.
"Medium-term economic and industry forecasts show a significant impact from the COVID-19 outbreak on both the wider UK economy and specifically the UK construction industry," it said.
On the upside, Plus500 was sitting pretty at the top of the index as the contracts-for-difference platform reported bumper first-half trading and said customer gains returned to normal levels after a costly spike. The company also announced the appointment of David Zruia as its chief executive.
FTSE 250 - Risers
Plus500 Ltd (DI) (PLUS) 1,379.00p 3.30%
CLS Holdings (CLI) 198.60p 2.48%
Savills (SVS) 800.50p 2.43%
Playtech (PTEC) 304.80p 2.08%
Euromoney Institutional Investor (ERM) 860.00p 1.78%
Sanne Group (SNN) 635.00p 1.60%
Signature Aviation (SIG) 246.30p 1.32%
Mediclinic International (MDC) 280.00p 1.16%
C&C Group (CCR) 230.00p 1.10%
Balfour Beatty (BBY) 271.40p 1.04%
FTSE 250 - Fallers
Micro Focus International (MCRO) 366.50p -16.46%
Hammerson (HMSO) 84.78p -6.20%
Babcock International Group (BAB) 297.40p -5.80%
Drax Group (DRX) 254.40p -5.64%
TUI AG Reg Shs (DI) (TUI) 372.00p -5.46%
Polypipe Group (PLP) 424.50p -5.46%
Frasers Group (FRAS) 312.20p -5.39%
Ibstock (IBST) 177.90p -4.66%
Energean (ENOG) 550.00p -4.35%
Coats Group (COA) 53.60p -4.11%