FTSE 250 movers: Energean strikes higher, Ted Baker folds lower
By Duncan Ferris
Date: Thursday 04 Jul 2019
(Sharecast News) - London's FTSE 250 was flat, edging just 0.04% higher to 19,799.02 in afternoon trade on Thursday, with Energean Oil & Gas leading the index's push higher.
The international oil and gas exploration and production company rallied after agreeing to buy Edison's oil and natural gas business for an initial consideration of $750m.
Mathios Rigas, chief executive of Energean, said: "The acquisition of Edison E&P establishes Energean as the leading independent, gas focused exploration and production company in the Mediterranean with a mainly operated, low cost, gas weighted portfolio, with the capability, focus and team to prosper in our rapidly changing industry."
Speciality chemicals company Synthomer made gains after having agreed to acquire Omnova Solutions on Wednesday as part of a $473m deal aimed at strengthening its global footprint, a move that gained the approval of analysts at Deutsche Bank.
"The strategic rationale makes sense to us, as the deal offers increased scale in water-based polymer solutions, new/higher exposure to attractive end sec- tors (e.g. oil and gas drilling, cementing and stimulation sectors) and strengthened regional presence, in particular in North America," said analysts.
Dixons Carphone also edged higher after Retail Week reported that the electronics retailer is planning to axe 140 jobs across its central functions, mostly at its head office in Acton.
Meanwhile, fashion retailer Ted Baker was the index's top faller, closely followed by Babcock and TalkTalk which dragged the index lower as their stocks went ex-dividend.
Market Movers
FTSE 250 (MCX) 19,799.02 0.04%
FTSE 250 - Risers
Energean Oil & Gas (ENOG) 955.00p 13.56%
Funding Circle Holdings (FCH) 133.40p 7.58%
Plus500 Ltd (DI) (PLUS) 612.60p 4.68%
Synthomer (SYNT) 386.40p 2.77%
Restaurant Group (RTN) 145.10p 2.69%
Go-Ahead Group (GOG) 2,102.00p 2.34%
WH Smith (SMWH) 2,088.00p 2.25%
Clarkson (CKN) 2,565.00p 2.19%
Stagecoach Group (SGC) 126.20p 2.10%
Dixons Carphone (DC.) 116.30p 2.02%
FTSE 250 - Fallers
Ted Baker (TED) 813.60p -5.89%
Babcock International Group (BAB) 442.20p -4.96%
Future (FUTR) 944.00p -4.65%
Metro Bank (MTRO) 546.50p -3.70%
Diploma (DPLM) 1,432.00p -3.24%
Amigo Holdings (AMGO) 179.60p -3.02%
Ferrexpo (FXPO) 269.96p -2.89%
FDM Group (Holdings) (FDM) 919.00p -2.34%
TalkTalk Telecom Group (TALK) 110.30p -2.13%
UDG Healthcare Public Limited Company (UDG) 776.00p -2.08%
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