FTSE 250 movers: Wood Group gushes higher; Spirent dented by downgrade
London’s FTSE 250 was down 0.1% at 21,689.82 in afternoon trade on Thursday.
Spirent Communications was the worst performer after a downgrade to ‘underweight’ at Barclays, "as despite very strong operations its 2019 performance and therefore valuation is among the highest in our coverage".
Dechra Pharmceuticals fell as it said the outlook for the full year is in line with management expectations, but the balance of trading will be more second half weighted than is typical for the company.
Marshalls retreated even as it reported a 10% jump in group revenue and sounded an optimistic note on future trading, backing its expectations for the full year.
Recruiter Hays declined as it warned of a lower first-half operating profit as its main markets were hit by economic uncertainty. Hays cited Brexit-related worries in the UK, the Australian bushfires, a slowdown in Germany and French strikes for a fall in fees as companies delay hiring staff. The US/China trade war and Hong Kong protests have also impacted sentiment.
Going the other way, Wood Group was a high riser after the oilfield services provider said full-year core earnings were set rise on the year.
In an update for the year to the end of December 2019, the company said earnings before interest, tax, depreciation and amortisation are expected to come in between $850m and $860m, in line with market expectations and up from $693.8m the year before.
Gambling company Rank was in the green after saying that full-year underlying operating profit will be above current market expectations.
FTSE 250 - Risers
Tullow Oil (TLW) 55.04p 10.34%
Wood Group (John) (WG.) 396.00p 7.03%
Rank Group (RNK) 283.00p 5.99%
Premier Oil (PMO) 119.00p 4.39%
Centamin (DI) (CEY) 126.70p 4.24%
Diploma (DPLM) 1,913.00p 3.57%
Dunelm Group (DNLM) 1,144.00p 3.25%
Hochschild Mining (HOC) 173.00p 2.67%
Electrocomponents (ECM) 702.80p 2.45%
IP Group (IPO) 66.70p 2.30%
FTSE 250 - Fallers
Spirent Communications (SPT) 226.50p -8.67%
Dechra Pharmaceuticals (DPH) 2,838.00p -7.50%
Airtel Africa (AAF) 68.20p -6.58%
Marshalls (MSLH) 791.50p -4.81%
Galliford Try (GFRD) 146.76p -3.36%
C&C Group (CCR) 389.50p -3.23%
Vesuvius (VSVS) 451.80p -3.17%
TI Fluid Systems (TIFS) 240.50p -3.02%
Hays (HAS) 167.70p -2.84%
Signature Aviation (SIG) 319.40p -2.41%