FTSE 250 movers: Signature Aviation surges on deal; leisure stocks drop
London’s FTSE 250 was down 1.2% at 20,802.66 in afternoon trade on Monday.
Travel and leisure stocks Cineworld and Tui were both under the cosh amid rising cases of Covid-19 and the prospect of tighter restrictions.
On the upside, Signature Aviation was the standout gainer after Gatwick Airport co-owner Global Infrastructure Partners swooped to buy the company for $4.63bn (£3.43bn), beating a rival offer from private equity outfit Blackstone Group and Microsoft founder Bill Gates.
Broker Peel Hunt lifted its price target on Signature to 405p from 386p to reflect the recommended offer and said it was waiting "with interest to see whether Blackstone and Cascade or Carlyle make a higher offer".
Chemring was also on the rise after an upgrade to ‘buy’ at Peel Hunt.
FTSE 250 - Risers
Signature Aviation (SIG) 436.10p 7.41%
Network International Holdings (NETW) 345.00p 3.73%
Spirent Communications (SPT) 267.00p 2.89%
XP Power Ltd. (DI) (XPP) 5,200.00p 2.36%
Vivo Energy (VVO) 86.00p 2.26%
Chemring Group (CHG) 304.50p 2.01%
Kaz Minerals (KAZ) 718.80p 1.73%
AJ Bell (AJB) 440.00p 1.62%
Clarkson (CKN) 2,895.00p 1.58%
GCP Infrastructure Investments Ltd (GCP) 109.80p 1.48%
FTSE 250 - Fallers
Cineworld Group (CINE) 64.58p -6.86%
Hammerson (HMSO) 22.40p -6.67%
Micro Focus International (MCRO) 399.80p -6.19%
TUI AG Reg Shs (DI) (TUI) 356.70p -6.13%
Aston Martin Lagonda Global Holdings (AML) 1,700.00p -4.79%
Trainline (TRN) 421.60p -4.53%
Essentra (ESNT) 317.00p -4.23%
National Express Group (NEX) 254.80p -3.48%
TI Fluid Systems (TIFS) 231.55p -3.48%
TP ICAP (TCAP) 229.60p -3.45%