FTSE 250 movers: Plus500 powers ahead; Beazley hit by downgrade
London’s FTSE 250 was flat at 23,708.06 in afternoon trade on Tuesday.
Online trading platform Plus500 was the standout gainer after it posted a dip in interim earnings and revenue as trading levels normalised, but said revenue for the year is set to be "significantly ahead" of current market forecasts.
Future was on the back foot, having gained sharply a day earlier after it announced the acquisition of consumer media company Dennis for around £300m in cash from Exponent Private Equity.
Shopping centre owner Hammerson was also under pressure on the back of a downbeat note by Liberum.
The broker, which rates the stock at ‘sell’ with a 27p price target, said capital values are still falling, with yields rising and rental values declining, and further to go.
"Vacancy is high and leases are over-rented,” it said. “The allocation to underperforming assets is still too high."
Liberum said Hammerson’s balance sheet position means the weighting to underperforming assets may have to increase if the better ones are sold. "Retail Parks was a prime example," it added.
Beazley was weaker after a downgrade to ‘sell’ from ‘neutral’ at UBS following a 15% jump in the share price since the insurer's results. UBS said the company’s exposure to at-risk lines and low capital flexibility concerns remain.
FTSE 250 - Risers
Plus500 Ltd (DI) (PLUS) 1,511.50p 5.74%
Indivior (INDV) 178.40p 3.54%
Airtel Africa (AAF) 96.75p 2.82%
PureTech Health (PRTC) 330.00p 2.80%
Volution Group (FAN) 510.00p 2.51%
Just Eat Takeaway.Com N.V. (CDI) (JET) 6,288.00p 2.51%
Wood Group (John) (WG.) 236.00p 2.08%
Discoverie Group (DSCV) 1,064.00p 1.92%
Hill & Smith Holdings (HILS) 1,794.00p 1.82%
AO World (AO.) 219.80p 1.76%
FTSE 250 - Fallers
Future (FUTR) 3,682.00p -4.86%
Hammerson (HMSO) 34.22p -4.55%
Trainline (TRN) 340.00p -3.95%
Avon Protection (AVON) 2,040.00p -3.32%
TUI AG Reg Shs (DI) (TUI) 312.40p -3.25%
Syncona Limited NPV (SYNC) 204.50p -3.08%
Fidelity China Special Situations (FCSS) 343.00p -2.56%
Coats Group (COA) 69.80p -2.38%
Shaftesbury (SHB) 622.50p -2.28%
Beazley (BEZ) 406.20p -2.14%