FTSE 250 movers: Housebuilders crumble, Sirius soars
By Duncan Ferris
Date: Tuesday 09 Apr 2019
(Sharecast News) - London's FTSE 250 index was 0.34% lower at 19,449.99 in afternoon trade on Tuesday, as housebuilders and construction outfits pulled the index lower amid continued Brexit confusion.
Galliford Try, McCarthy & Stone, Crest Nicholson and Bovis Homes were all lower, alongside construction company Kier Group, company as the Brexit uncertainty rumbles on, with Theresa May bustling around Europe in an attempt to secure an extension and avoid a no-deal Brexit.
Stagecoach also dropped as HSBC analysts cut the stock's price target from 165p to 135p, arguing that the transport operator is now "unduly dependent" on the UK and winning rail business.
"For now, Stagecoach is left looking to UK Bus for any growth, having not found sufficiently attractive international growth opportunities outside North America. But growth in UK Bus will be hard to come by. The big cuts to earnings forecasts now seem, thankfully, to be a thing of the past, but fuel headwinds are turning and SGC will have to run hard to stand still. Growth is being driven by pricing, which management thinks it can still push further," said analysts.
At the other end of the pitch, Sirius Minerals soared as its funding deadline approached. The company is aiming to tie up the next round of funding for its $3bn potash project in North Yorkshire by the end of April.
Restaurant Group climbed after Citigroup upgraded it from 'sell' to 'neutral' as analysts argued that further downsides should be limited after the fallout from its Wagamama acquisition and the departure of its chief executive.
Finally, Sports Direct climbed despite the fact that Debenhams called in administrators after refusing to accept a last-minute lifeline from the sportswear retailer's owner, .
Neil Wilson, chief market analyst at Markets.com, said: "Takeover rules mean Mike Ashley and Sports Direct have until 22 April to make a bid, but it does rather seem the die is cast as the board is set to file for administration today. The entire saga has been rather acrimonious and it does look like the Debs board was never going to accept any proposal from Ashley, whatever he was prepared to do for the company."
Market Movers
FTSE 250 (MCX) 19,449.99 -0.34%
FTSE 250 - Risers
Sirius Minerals (SXX) 24.44p 10.69%
Amigo Holdings (AMGO) 232.00p 5.22%
Bakkavor Group (BAKK) 135.40p 4.80%
Morgan Advanced Materials (MGAM) 266.20p 3.74%
Contour Global (GLO) 199.80p 3.20%
IntegraFin Holding (IHP) 364.00p 2.71%
Restaurant Group (RTN) 114.80p 2.59%
Sports Direct International (SPD) 288.20p 2.56%
Provident Financial (PFG) 521.80p 2.43%
GVC Holdings (GVC) 594.00p 2.13%
FTSE 250 - Fallers
Kier Group (KIE) 322.14p -5.48%
888 Holdings (888) 155.70p -3.89%
Galliford Try (GFRD) 675.35p -3.38%
McCarthy & Stone (MCS) 125.60p -3.09%
Stagecoach Group (SGC) 133.20p -2.92%
Crest Nicholson Holdings (CRST) 373.20p -2.86%
Mitchells & Butlers (MAB) 264.76p -2.84%
Premier Oil (PMO) 99.77p -2.76%
Bovis Homes Group (BVS) 1,075.00p -2.18%
Ted Baker (TED) 1,479.00p -2.18%
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