FTSE 250 movers: FirstGroup tumbles as losses widen; Qinetiq rallies
By Michele Maatouk
Date: Thursday 14 Nov 2019
(Sharecast News) - London's FTSE 250 was down 0.2% at 20,252.87 in afternoon trade on Thursday.
Shares in FirstGroup tumbled after the transport operator said losses widened significantly in the first half and that the formal sale process for its Greyhound business was "well advanced".
In the six months to the end of September, pre-tax losses widened to £187.1m from £4.6m in the first half of last year, on revenue of £3.5bn, up from £3.3bn. The company incurred an impairment charge of £124.4m for the US coach business, Greyhound, a North American self-insurance reserve charge of £59.3m and restructuring and reorganisation costs of £15.4m.
Airtel Africa was in the red as its stock went ex-dividend and as the company said that its subsidiary, Airtel Networks, had agreed to buy additional spectrum in Nigeria for $70m.
On the upside, Qinetiq gained as the defence technology company reported an increase in first-half profit and revenue as orders grew.
Capital & Counties was boosted by an upgrade to 'buy' from 'add' at Peel Hunt, which pointed to "significant upside" from a double disposal.
The broker noted that a credible buyer for Earls Court appears to have emerged in the form of Delancey/APG and said that together with an easing of UK political uncertainty, "a transaction now feels more likely than not".
FTSE 250 - Risers
QinetiQ Group (QQ.) 340.60p 5.78%
Oxford Instruments (OXIG) 1,576.00p 5.07%
Aston Martin Lagonda Global Holdings (AML) 507.40p 4.62%
Kainos Group (KNOS) 576.00p 3.60%
RHI Magnesita N.V. (DI) (RHIM) 3,906.00p 3.33%
Bakkavor Group (BAKK) 126.20p 3.27%
Barr (A.G.) (BAG) 558.00p 2.39%
Capital & Counties Properties (CAPC) 257.70p 2.22%
Wood Group (John) (WG.) 367.90p 2.14%
Hammerson (HMSO) 280.20p 2.11%
FTSE 250 - Fallers
FirstGroup (FGP) 102.10p -21.04%
Airtel Africa (AAF) 65.80p -6.67%
TBC Bank Group (TBCG) 1,326.00p -4.74%
Riverstone Energy Limited (RSE) 437.00p -4.17%
Greggs (GRG) 2,042.00p -3.41%
Syncona Limited NPV (SYNC) 222.50p -3.05%
IWG (IWG) 388.70p -2.61%
Spectris (SXS) 2,630.00p -2.52%
Go-Ahead Group (GOG) 2,060.00p -2.46%
Dixons Carphone (DC.) 118.85p -2.26%
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