FTSE 250 movers: Serco chugs higher, Just Group drags on board departure
London's FTSE 250 was up 0.62% at 20,433.53 in afternoon trade on Monday.
Public sector outsourcer Serco continued its rise from the end of last week, when the DLR operator revealed trading is set to be stronger than previous guidance for revenues, profitability and cash flow with net debt set to end the year at a lower level too.
CitiGroup upgraded the outfit's shares to ‘neutral’ from ‘sell’ on Monday after Serco confirmed more cost cutting than expected. Another £10m of cost cuts guided for 2019 looks set to more than offset the downwards repricing of the Atomic Weapons Establishment contract, analysts said.
Oil companies Vivo and Energean were on the rise as crude prices breached $83, approaching its highest price since it November 2014 as US sanctions threaten Iranian exports.
President Donald Trump has reportedly reached out to Saudi Arabia’s King Salman in order to maintain US supplies.
Tabletop gaming retailer Games Workshop recovered after having dropped on Friday on the back of ex-chairman Tom Kirby's sale of £20m worth of shares at a price £36.50 apiece, representing around 1.7% of the total.
Life insurance firm Just Group was the top faller of afternoon trading after the company revealed that chief financial officer Simon Thomas was stepping down after 12 years in the job.
Following the news the company received a vote of confidence from broker Numis, who reiterated a 'buy' rating and a target price of buy with a target price of 220p.
Hungarian budget airline Wizz Air was flying lower in Monday trading after a profit warning from Irish budget airline Ryanair.
The Dublin-based carrier blamed cabin crew and pilot strikes, lower traffic and weaker fares as it cut full year profit guidance 12% to €1.1-1.2bn from €1.25-1.35bn previously, also warning that it cannot rule out further downgrades due to the potential for more disruptions later in the year.
The previously mentioned spike in oil prices is also a concern for airlines, with Ryanair reporting that its fuel costs will be roughly €460m higher than last year, up €30m from its previous guidance.
Finally, gold miners Hochschild and Centamin were down as the commodity touched its lowest price since August 2017.
Market Movers
FTSE 250 (MCX) 20,433.53 0.62%
FTSE 250 - Risers
Serco Group (SRP) 102.60p 4.91%
Rank Group (RNK) 176.80p 4.00%
Vivo Energy (VVO) 134.08p 3.87%
On The Beach Group (OTB) 514.00p 3.84%
Sanne Group (SNN) 662.00p 3.44%
Games Workshop Group (GAW) 3,915.00p 3.43%
Energean Oil & Gas (ENOG) 595.00p 3.12%
Indivior (INDV) 189.85p 3.10%
AA (AA.) 99.78p 2.87%
Convatec Group (CTEC) 238.90p 2.80%
FTSE 250 - Fallers
Just Group (JUST) 80.15p -9.33%
Wizz Air Holdings (WIZZ) 2,786.00p -3.16%
Hochschild Mining (HOC) 159.11p -2.84%
Equiniti Group (EQN) 258.50p -2.82%
Superdry (SDRY) 1,058.00p -2.58%
Centamin (DI) (CEY) 103.65p -2.40%
888 Holdings (888) 195.00p -2.16%
Kaz Minerals (KAZ) 538.60p -2.00%
Metro Bank (MTRO) 2,916.00p -1.95%
Dunelm Group (DNLM) 536.50p -1.92%