FTSE 250 movers: Pets at Home climbs, Greggs retreats
By Duncan Ferris
Date: Tuesday 01 Oct 2019
(Sharecast News) - London's FTSE 250 was 0.25% higher at 19,987.47 in afternoon trade on Tuesday, with Pets at Home leading the index upwards.
High street stalwart Marks & Spencer was also higher on its capital markets day.
In parallel, Sports Direct was advancing after the Competition and Markets Authority said it has referred rival sportswear retailer JD Sports' acquisition of Footasylum to an in-depth investigation after it failed to offer any remedies.
Down at the other end of the index, high street baker Greggs retreated even after it said third-quarter total sales rose 12.4%, as company-managed shop like-for-like sales grew 7.4% for the 13 weeks to September 28, down from 10.5% growth in the first half of the year.
Russ Mould, investment director at AJ Bell, said the trading update was always going to be tough for Greggs due to strong comparatives and the publicity around its vegan sausage roll earlier this year, while the business is also facing cost pressures and has scaled back plans for new store openings.
Integrafin Holdings fell after the investment platform provider's founder Michael Howard sold 6 million shares at 370 pence each, in a deal worth £22.2m on Monday.
Sirius Minerals was lower after analysts at Berenberg slashed their price target on the fertilizer development company from 17p all the way down to 4p, citing increased uncertainties regarding the firm's finances.
"A strategic investor appears to be the only lifeline left for the company, with financial backing from the UK government appearing unlikely. Given the increased uncertainty about financing, we reduce our assumption about the probability of completion of the mine to 25% (from 50%) and assume further delays to start-up," said analysts.
Finally, the Foresight Solar Fund announced plans to raise funds through a placing of up to 54.9m shares for an unspecified price, with the proceeds set to go towards the repayment of debt drawn down from its credit facilities.
Market Movers
FTSE 250 (MCX) 19,987.47 0.25%
FTSE 250 - Risers
Pets at Home Group (PETS) 215.60p 3.55%
Travis Perkins (TPK) 1,327.00p 2.79%
Howden Joinery Group (HWDN) 575.40p 2.68%
Marks & Spencer Group (MKS) 189.20p 2.58%
Stagecoach Group (SGC) 136.92p 2.41%
Morgan Advanced Materials (MGAM) 266.39p 2.30%
Dixons Carphone (DC.) 121.60p 2.23%
Grafton Group Units (GFTU) 776.50p 2.17%
Sports Direct International (SPD) 285.20p 2.15%
Capita (CPI) 147.85p 2.07%
FTSE 250 - Fallers
Greggs (GRG) 1,893.91p -9.38%
IntegraFin Holding (IHP) 373.00p -5.81%
Sirius Minerals (SXX) 3.83p -3.82%
Aston Martin Lagonda Global Holdings (AML) 508.52p -3.36%
Foresight Solar Fund Limited (FSFL) 120.43p -3.27%
TBC Bank Group (TBCG) 1,208.00p -2.27%
Vivo Energy (VVO) 122.20p -2.24%
AJ Bell (AJB) 404.68p -2.13%
Kaz Minerals (KAZ) 424.40p -2.05%
Centamin (DI) (CEY) 123.15p -2.03%
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