FTSE 250 movers: Tullow gushes higher on upgrade; Bovis slumps as FY disappoints
By Michele Maatouk
Date: Monday 20 Feb 2017
(ShareCast News) - London's FTSE 250 was up 0.2% to 18,744.61 in afternoon trade as the House of Lords debate on the Article 50 bill got underway.
Tullow Oil gushed higher after Jefferies upgraded the stock to 'buy' from 'underperform' and hiked the price target to 340p from 260p.
"Tullow Oil will de-lever and the banks will refinance even with lower TEN rates. The oil price-linked stock run does not take away from a fundamentally improving investment case with 2P reserve additions visible and material exploration catalysts."
Housebuilder Bovis Homes was under the cosh after it reported a 3% drop in pre-tax profit as the company was forced to compensate customers for poorly built homes, and said it had begun a strategic review.
Pre-tax profit fell to £154.7m from £160.1m, missing analysts' expectations of £170m and the company's guidance of between £160m and £170m.
Bovis said weaknesses in its production process and a high level of customer service issues led to a one-off £7m customer care provision.
Peers Berkeley Group and Crest Nicholson also fell back.
BGEO Group, the Georgian banking and healthcare group, fell sharply after it revealed 2016 profits and earnings rose strongly even though they were held back by a decline in the fourth-quarter.
Results were affected by a 10.5% devaluation of the Georgian Lari compared to the US dollar over the year, particularly in the fourth quarter of the year when it devalued by over 13%.
Petra Diamonds was looking less than sparkly despite reporting a 48% rise in revenue for the first half to $228.5m, as it cautioned that full-year production might be at the lower end of its forecast range.
Risers
Tullow Oil (TLW) 268.20p 3.43%
Nostrum Oil & Gas (NOG) 472.50p 2.72%
OneSavings Bank (OSB) 397.40p 2.63%
Cairn Energy (CNE) 228.90p 2.55%
Inmarsat (ISAT) 630.50p 2.52%
SIG (SHI) 111.00p 2.30%
AO World (AO.) 160.20p 2.17%
Ascential (ASCL) 312.90p 2.15%
Workspace Group (WKP) 788.00p 2.07%
Weir Group (WEIR) 1,990.00p 2.05%
Fallers
Bovis Homes Group (BVS) 751.00p -10.70%
BGEO Group (BGEO) 2,920.00p -5.99%
PZ Cussons (PZC) 314.40p -2.36%
Petra Diamonds Ltd.(DI) (PDL) 144.90p -2.36%
Wizz Air Holdings (WIZZ) 1,668.00p -2.23%
Berkeley Group Holdings (The) (BKG) 2,883.00p -1.87%
Crest Nicholson Holdings (CRST) 529.00p -1.76%
Euromoney Institutional Investor (ERM) 1,081.00p -1.73%
Vesuvius (VSVS) 457.50p -1.46%
Hochschild Mining (HOC) 270.00p -1.46%
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