FTSE 250 movers: RHI Magnesita jumps on broker approval, Intu plummets
London's FTSE 250 was steady at 18,643.85 in afternoon trade on Thursday, as RHI Magnesita made strong progress following broker action.
Refractory products, systems and services supplier RHI Magnesita was the index's standout gainer as Numis lifted the stock to 'buy' from 'add' following the company's first site visit as a combined business on Wednesday, which it said highlighted operational efficiencies.
Berenberg, meanwhile, said it came away from the visit "encouraged" by the high level of engineering, product development and manufacturing automation in the business.
Go-Ahead was boosted by a well-received trading update which stated that it saw growth in passenger volumes and revenues for the regional bus division, with its London bus operations continuing to deliver “strong” Quality Incentive Contract income.
Drinks maker Britvic fizzed higher after it posted a rise in full-year profit and revenue despite a "challenging" environment. The company said it faced a number of headwinds during the year, including the introduction of the Soft Drinks Industry Levy, disruption from the temporary shortage of carbon dioxide in GB and Ireland during a period of prolonged hot weather and the impact of multiple business failures in its customer base.
Intu Properties tumbled more than 30% as it said it will cut its dividend after a consortium led by its Deputy Chairman John Whittaker pulled its takeover offer for the shopping centre owner citing economic uncertainties.
Analysts at Liberum said the consortium's decision to walk away left Intu "in a challenging position with its highly valued shopping centres facing cyclical and structural pressure, above average financial leverage, a departing CEO, and two recently failed bid processes which will have inevitably been disruptive to the business".
Peers Hammerson and Shaftesbury were also in the red. Shaftesbury was also on the back foot after Morgan Stanley reduced its price target from 920p to 880p and reiterated its 'underweight' rating.
Russ Mould, investment director at AJ Bell, said: "Those REITs with the greatest exposure to retail are bearing the brunt of investors’ disappointment, with Hammerson and Land Securities down the most, as shareholders begin to despair of whether there will ever be a catalyst that closes up the substantial discounts to net asset value at which these property plays trade."
Senior dropped after it was cut to 'neutral' JPMorgan.
Finally, JD Sports, Caledonia Investments, TalkTalk, Electrocomponents, Hill & Smith, Telecom Plus and TR Property Investment Trust all went ex-dividend.
Market Movers
FTSE 250 (MCX) 18,643.85 0.02%
FTSE 250 - Risers
RHI Magnesita N.V. (DI) (RHIM) 3,684.00p 8.35%
Go-Ahead Group (GOG) 1,645.00p 6.06%
Mediclinic International (MDC) 370.40p 6.04%
Weir Group (WEIR) 1,476.50p 4.83%
Hochschild Mining (HOC) 161.50p 4.60%
Britvic (BVIC) 818.00p 4.54%
UDG Healthcare Public Limited Company (UDG) 650.00p 4.33%
Renishaw (RSW) 4,272.00p 4.30%
Indivior (INDV) 103.15p 3.92%
Aveva Group (AVV) 2,548.00p 3.92%
FTSE 250 - Fallers
Intu Properties (INTU) 118.95p -38.24%
Hammerson (HMSO) 390.30p -7.29%
Senior (SNR) 233.40p -5.89%
Bellway (BWY) 2,604.00p -5.17%
Domino's Pizza Group (DOM) 255.40p -3.98%
IntegraFin Holding (IHP) 298.00p -3.87%
Paragon Banking Group (PAG) 420.40p -3.75%
Shaftesbury (SHB) 873.00p -3.59%
Bank of Georgia Group (BGEO) 1,389.40p -3.51%
Derwent London (DLN) 2,927.00p -3.40%