FTSE 250 movers: Morgan Advanced Materials rallies, Halfords skids on downgrade
London's FTSE 250 was up 0.3% to 18,733.50 in afternoon trade, with investors sifting through corporate news.
Morgan Advanced Materials pushed up as it said 2016 revenue rose despite challenging trading conditions in the second half of the year.
Defence contractor Cobham was on the front foot following an upgrade by Investec and on read-across from BAE Systems' full-year results, as it posted a rise in profit before tax thanks to a recovery in defence budgets.
International Personal Finance was in the black after saying it has appointed Justin Lockwood as its new chief financial officer.
On the downside, Halfords Group skidded as Peel Hunt downgraded its stance on the stock to ‘sell’ from ‘hold’ and cut the price target to 325p from was 350p.
“Fundamental headwinds are increasing and the new store format doesn’t move the dial,” the brokerage said.
Peel said it doubts current consensus forecasts reflect that and it’s hard to see a reason to hold the shares.
Online electrical goods retailer AO World was in the doldrums after announcing that its founder and chief executive John Roberts has stepped down after 17 years.
Risers
Morgan Advanced Materials (MGAM) 322.60p 7.82%
Nostrum Oil & Gas (NOG) 499.00p 6.17%
Cobham (COB) 116.90p 5.03%
Card Factory (CARD) 264.10p 4.76%
Kaz Minerals (KAZ) 593.00p 4.13%
Allied Minds (ALM) 388.20p 4.02%
McCarthy & Stone (MCS) 185.90p 3.85%
International Personal Finance (IPF) 192.10p 3.61%
Hochschild Mining (HOC) 280.50p 3.31%
TalkTalk Telecom Group (TALK) 165.40p 3.25%
Fallers
Halfords Group (HFD) 342.80p -3.92%
Petrofac Ltd. (PFC) 856.50p -3.76%
AO World (AO.) 146.10p -3.63%
Capital & Counties Properties (CAPC) 301.90p -2.39%
St. Modwen Properties (SMP) 336.70p -2.04%
Polypipe Group (PLP) 337.00p -1.89%
Rank Group (RNK) 209.40p -1.83%
Supergroup (SGP) 1,484.00p -1.59%
Worldwide Healthcare Trust (WWH) 2,315.00p -1.53%
Hill & Smith Holdings (HILS) 1,185.00p -1.50%