FTSE 250 movers: Ultra Electronics charges higher, Intu crumbles
London's FTSE 250 index was up 0.16% at 19,718.42 in afternoon trade on Friday, with Ultra Electronics leading the index higher.
The company, which works in the defence, security, transport and energy industries, gained after saying it was seeing further positive developments in its order book and that continues to trade in line with expectations ahead of its annual general meeting.
Medical products group ConvaTec climbed after it said first quarter revenues fell 6% on a reported basis as a “challenging” UK market and weaker US performance hit revenues, while anti-opioid addiction treatment developer Indivior was boosted by an upgrade to ‘hold’ at Stifel after its results beat expectations on Thursday.
FirstGroup rose for the second consecutive session after it made a series of changes to its boardroom on Thursday, including the appointment of former Taylor Wimpey finance director Ryan Mangold as its new chief financial officer.
At the other end of the pitch, Intu Properties slumped as the shopping centre owner warned that like-for-like net rental income will drop between 4% and 6% this year, with the rest of 2019 expected to be "challenging" due to a higher-than-expected level of CVAs and a slowdown in new lettings as tenants delay decisions partly due to Brexit uncertainty.
Russ Mould, investment director at AJ Bell, said: "Intu’s pains are far from over as many retail companies are still struggling to stay afloat. The company expects CVAs to run at a higher level than in 2018. It is also worth bearing in mind that Debenhams accounts for 3% of Intu’s rent roll. That retailer announced a CVA last week and is closing 22 of its 166 stores. While none of this batch are located in Intu’s centres, the risk that further stores will close will hang over the landlord and its share price."
Finally, Metro Bank continued to fall after it said late on Wednesday that first-quarter profit halved and total deposits fell 3.6% as it lost several large customers following the discovery of a major accounting error earlier this year.
FTSE 250 (MCX) 19,718.42 0.16%
FTSE 250 - Risers
Ultra Electronics Holdings (ULE) 1,658.00p 5.40%
Convatec Group (CTEC) 143.40p 5.02%
AJ Bell (AJB) 451.46p 3.78%
Indivior (INDV) 42.00p 3.32%
FirstGroup (FGP) 115.05p 2.63%
Serco Group (SRP) 127.40p 2.41%
Equiniti Group (EQN) 225.00p 2.09%
JD Sports Fashion (JD.) 631.20p 2.04%
Kaz Minerals (KAZ) 626.20p 1.92%
Genus (GNS) 2,484.00p 1.89%
FTSE 250 - Fallers
Intu Properties (INTU) 94.14p -6.05%
Card Factory (CARD) 193.80p -4.06%
Sirius Minerals (SXX) 15.87p -3.99%
Metro Bank (MTRO) 632.00p -2.77%
Clarkson (CKN) 2,470.00p -2.76%
Kier Group (KIE) 364.85p -2.71%
Ascential (ASCL) 349.40p -2.57%
888 Holdings (888) 140.00p -2.37%
Dixons Carphone (DC.) 134.20p -2.29%
Just Group (JUST) 67.68p -1.91%