FTSE 250 movers: Petrofac flows lower, Dixons Carphone recovers
London's FTSE 250 fell 0.20% lower to 19,260.82 in afternoon trade on Tuesday, with Petrofac leading the index lower.
Stock in the oil services company was weaker after a mixed trading update in which it stated that trading was in line with previous guidance but warned that new order intake for the year to date reflected recent challenges in Saudi Arabia and Iraq.
Analysts at Berenberg said: "Overall this a mixed update with stronger revenue in engineering & construction (E&C) and high realisations in integrated energy services likely offsetting the weaker E&C margin outlook and representing some potential upside surprise to consensus earnings for 2019. Set against this is a relatively weak order intake and higher-than-expected net debt."
Shares of Royal Mail slipped after Citigroup analysts cut the stock's target price to 150p and reiterated their 'sell' rating, stating that the mail delivery firm's three and five year targets "appear ambitious" and adding that the company would face great risk in the event of a 'no deal' Brexit.
Imperial Leather maker PZ Cussons dropped after being hit by an initiation at 'sell' by Panmure Gordon, with the stock's price target set at 175p.
Dixons Carphone led the risers higher as it recovered from a drop caused by its profit warning last week, while Acacia, Centamin, Polymetal and Hochschild Mining all rallied amid lower interest rates, a weaker dollar and geopolitical uncertainty.
Quilter climbed after Bloomberg reported that the wealth manager is considering a sale of its closed-book UK life insurance portfolio, with reports speculating that the assets could fetch about $500m.
Finally, William Hill edged higher after Morgan Stanley said US casino owner Eldorado's agreed merger with Caesars makes the London-listed company's position for US sports betting "more powerful, with wider market access, boosted revenues and potential optionality on brand, database and media assets."
FTSE 250 (MCX) 19,260.82 -0.20%
FTSE 250 - Risers
Dixons Carphone (DC.) 114.05p 5.99%
Acacia Mining (ACA) 191.40p 4.99%
Plus500 Ltd (DI) (PLUS) 604.80p 3.77%
Centamin (DI) (CEY) 116.35p 3.65%
Polymetal International (POLY) 988.40p 3.07%
Senior (SNR) 231.20p 2.76%
Sequoia Economic Infrastructure Income Fund Limited (SEQI) 113.00p 2.73%
Quilter (QLT) 141.26p 2.54%
Hochschild Mining (HOC) 190.70p 2.47%
William Hill (WMH) 148.55p 2.31%
FTSE 250 - Fallers
Petrofac Ltd. (PFC) 407.30p -6.04%
Funding Circle Holdings (FCH) 223.00p -5.51%
Royal Mail (RMG) 197.50p -4.27%
Stagecoach Group (SGC) 121.20p -3.73%
Woodford Patient Capital Trust (WPCT) 55.88p -3.66%
PZ Cussons (PZC) 214.00p -3.60%
Amigo Holdings (AMGO) 218.00p -3.54%
Future (FUTR) 982.00p -3.54%
Vivo Energy (VVO) 126.40p -3.51%
Network International Holdings (NETW) 547.00p -3.19%