FTSE 250 movers: Pub chains get Budget boost; Homeserve gains on acquisition
London’s FTSE 250 was up 0.1% at 23,185.25 in afternoon trade on Wednesday.
Transport operator FirstGroup rallied to the top of the index after confirming it will return £500m to shareholders through a tender offer at 105p a share. The shares also benefited from an upgrade to ‘buy’ at HSBC.
Shares in pub chains Wetherspoons and Mitchells & Butlers rallied after Chancellor Rishi Sunak announced a new tax relief for pubs in the autumn Budget.
In a bid to simplify the alcohol tax system, which Sunak described as "outdated and full of historic anomalies", the chancellor said the new system would follow the rule that the stronger the drink, the higher the rate.
He unveiled a 5% cut to duty on draught beer and cider served from draught containers of more than 40 litres, equating to a permanent cut in the cost of a pint of 3p.
Homeserve was also trading up after it announced the acquisition of CET Structures, a UK home emergency assistance business, for £53m, and said current trading was in line with guidance.
FTSE 250 - Risers
FirstGroup (FGP) 101.40p 5.46%
Mitchells & Butlers (MAB) 259.80p 5.35%
Wetherspoon (J.D.) (JDW) 1,039.00p 5.27%
Homeserve (HSV) 857.00p 3.07%
Unite Group (UTG) 1,118.00p 2.57%
Vistry Group (VTY) 1,222.50p 2.56%
Centamin (DI) (CEY) 97.80p 2.41%
HICL Infrastructure (HICL) 166.60p 2.21%
TR Property Inv Trust (TRY) 487.00p 2.10%
Hammerson (HMSO) 33.22p 1.87%
FTSE 250 - Fallers
Plus500 Ltd (DI) (PLUS) 1,400.00p -4.73%
Ashmore Group (ASHM) 344.00p -3.15%
TBC Bank Group (TBCG) 1,540.00p -2.53%
PZ Cussons (PZC) 216.50p -2.48%
Trainline (TRN) 314.40p -2.36%
Man Group (EMG) 237.20p -2.19%
Oxford Biomedica (OXB) 1,498.00p -2.09%
Oxford Instruments (OXIG) 2,345.00p -2.09%
CMC Markets (CMCX) 258.50p -2.08%
Just Group (JUST) 91.60p -2.03%