FTSE 250 movers: Metro Bank chugs upward while Hochschild fails to sparkle
By Duncan Ferris
Date: Wednesday 16 Jan 2019
(Sharecast News) - London's FTSE 250 was down 0.18% at 18,463.31 in afternoon trade on Wednesday, with Metro Bank and housebuilders driving the upward move.
Metro Bank was the top riser, but close behind were housebuilders Bovis Homes and Bellway, along with builders' merchants Travis Perkins, which made gains after the former reported that its profits for 2018 are expected to be "slightly ahead" of market consensus following a "significant" improvement in its operational performance.
"A good update which confirmed that the group essentially delivered what it promised in 2018 and despite a bit of a slowdown at higher price points at the end of the year, it anticipates reporting profits slightly above consensus expectations. Management is clearly making good progress on improving customer satisfaction and delivering completions at much better margins," said a note from Canaccord.
William Hill and 888 Holdings crept upward, in recovery from their dip in the aftermath of the US Department of Justice's call for wider restrictions on all online gambling.
Hochschild Mining was the top faller after the precious metals miner reported that its output is set to fall in 2019 following a weak fourth quarter, while Cineworld also retreated as it posted a jump in full-year revenue on the back of strong US growth, but a dip in UK & Ireland revenue at constant currency.
Brewin Dolphin, which will release a trading update next Wednesday, fell after Numis cut its rating of the stock from 'add' to 'hold' and stated that it expected total funds under management to have fallen 6.9% over the fourth quarter to £39.8m.
"We have reduced our revenue forecasts by 7.8% in 2019, 7.9% in 2020 and 6.9% in 2021. This in turn reduces our full year PBT and EPS forecasts by 16.6%, 16.2% and 13.6% for 2019 through to 2021," said a note from the broker.
Finally, Emerging markets investment manager Ashmore dipped after Berenberg downgraded the stock to 'hold' from 'buy', trimming the price target to 413p from 425p as it sees "significantly" more upside elsewhere in the sector.
Market Movers
FTSE 250 (MCX) 18,463.31 0.18%
FTSE 250 - Risers
Metro Bank (MTRO) 2,024.00p 8.35%
Bovis Homes Group (BVS) 982.00p 5.96%
Capita (CPI) 118.15p 5.12%
Travis Perkins (TPK) 1,214.50p 4.65%
Royal Mail (RMG) 286.20p 4.30%
Halfords Group (HFD) 240.20p 4.25%
Bellway (BWY) 2,897.50p 3.93%
Charter Court Financial Services Group (CCFS) 274.00p 3.79%
William Hill (WMH) 169.90p 3.79%
888 Holdings (888) 169.70p 3.29%
FTSE 250 - Fallers
Hochschild Mining (HOC) 162.80p -5.90%
Brewin Dolphin Holdings (BRW) 312.60p -4.70%
Cineworld Group (CINE) 264.00p -4.56%
Rank Group (RNK) 152.00p -4.40%
Bodycote (BOY) 759.50p -3.19%
Stobart Group Ltd. (STOB) 159.60p -2.80%
Hilton Food Group (HFG) 908.00p -2.78%
CLS Holdings (CLI) 221.80p -2.51%
Ashmore Group (ASHM) 363.20p -2.31%
Beazley (BEZ) 519.50p -2.17%
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