FTSE 250 movers: Quilter gains; Royal Mail retreats
London’s FTSE 250 was up 1% at 21,743.24 in afternoon trade on Thursday.
Quilter was the top performer after it agreed to sell its international business to life assurance company Utmost for around £483m as it looks to simplify the group and focus on its higher growth UK wealth management business.
It said the sale, which has been unanimously agreed by the board, is in the best interests of shareholders "and is expected to support the continued delivery of good outcomes for customers and other stakeholders".
Avon Rubber rallied after confirming a modification to the existing US Army Integrated Head Protection System low rate initial production contract that increases the value by around $28.4m.
On the downside, Royal Mail retreated as JPMorgan Cazenove kept its ‘overweight’ rating on the stock but said it gets the sense the group is trying to lower expectations for FY22.
"Our sense is that management will also give a cautious message on the UK in May, particularly on the outlook for costs and parcel volume. Our view is that any talk of ‘normalisation’ of parcel volumes should be seen as a 2-3 year drag, rather than as a sharp 1 year reset.
"It is also worth noting the very weak H1 FY21 letter comps, with letters being higher margin than parcels."
FTSE 250 - Risers
Quilter (QLT) 169.10p 5.79%
CMC Markets (CMCX) 506.00p 4.76%
Network International Holdings (NETW) 432.70p 4.62%
Avon Rubber (AVON) 3,300.00p 4.43%
Tullow Oil (TLW) 49.21p 4.24%
WH Smith (SMWH) 1,870.50p 4.09%
Future (FUTR) 1,990.00p 3.97%
Oxford Instruments (OXIG) 1,980.00p 3.88%
TUI AG Reg Shs (DI) (TUI) 380.70p 3.68%
Cineworld Group (CINE) 99.92p 3.57%
FTSE 250 - Fallers
Ferrexpo (FXPO) 355.60p -5.07%
Royal Mail (RMG) 481.60p -4.56%
Hammerson (HMSO) 33.46p -4.37%
Syncona Limited NPV (SYNC) 244.00p -3.94%
FirstGroup (FGP) 89.90p -2.34%
Coats Group (COA) 55.90p -1.76%
Pantheon International (PIN) 2,580.00p -1.71%
Convatec Group (CTEC) 192.90p -1.63%
Mitie Group (MTO) 61.90p -1.59%
BlackRock Smaller Companies Trust (BRSC) 1,758.00p -1.57%