Portfolio

FTSE 250 movers: Cineworld surges; Signature Aviation hit by downgrade

By Michele Maatouk

Date: Thursday 28 May 2020

FTSE 250 movers: Cineworld surges; Signature Aviation hit by downgrade

(Sharecast News) - London's FTSE 250 was up 1.3% at 17,359.21 in afternoon trade on Thursday.
Cineworld was sitting pretty at the top of the index after saying it had secured fresh funding from its lenders and that it expects to reopen cinemas in all territories by July.

IWG was also in the black after the flexible office space provider raised £320m in a placing "to take advantage of growth opportunities and strengthen the group's global leadership position".

Stagecoach was higher as it said it expects full year adjusted earnings per share of between 12.5p - 14p as it reported an increase in available liquidity to deal with the coronavirus impact. The shares were also boosted by an upgrade to 'hold' at HSBC.

Heat treatment and thermal processing company Bodycote was up after saying it will cut more than 700 jobs and close factories after underlying revenue fell by more than a third in April because of the Covid-19 shutdown.

On the downside, Signature Aviation - formerly BBA Aviation - was dented by a downgrade to 'sell' from 'hold' at Berenberg, which said the stock's re-rating has been too aggressive. It noted that since its lows in April, Signature shares have rallied nearly 80% and are outperforming the FTSE 250 year to date.

"We feel the market has got ahead of itself. The aviation industry is facing its biggest crisis, perhaps ever, with the outcome, winners and losers yet to be determined," it said. "With this in mind, a 17x 2021 price-to-earnings (pre-IFRS 16), reflecting a 'normal year' earnings, is well above historical averages, despite the significantly higher degree of uncertainty."

FTSE 250 - Risers

Cineworld Group (CINE) 95.12p 23.08%
IWG (IWG) 299.00p 14.91%
Marston's (MARS) 65.50p 14.81%
Stagecoach Group (SGC) 73.85p 10.31%
PPHE Hotel Group Ltd (PPH) 1,275.00p 9.44%
Aston Martin Lagonda Global Holdings (AML) 55.30p 8.97%
Bodycote (BOY) 642.50p 8.81%
TBC Bank Group (TBCG) 826.00p 8.68%
Wetherspoon (J.D.) (JDW) 1,202.00p 6.84%
McCarthy & Stone (MCS) 73.10p 6.72%

FTSE 250 - Fallers

Provident Financial (PFG) 183.00p -5.86%
Pets at Home Group (PETS) 229.80p -4.25%
Signature Aviation (SIG) 242.90p -3.92%
Ascential (ASCL) 278.00p -3.67%
Wizz Air Holdings (WIZZ) 3,198.00p -3.62%
Petrofac Ltd. (PFC) 179.00p -3.40%
Trainline (TRN) 509.00p -3.32%
Great Portland Estates (GPOR) 651.00p -3.12%
Gamesys Group (GYS) 812.00p -3.10%
G4S (GFS) 92.90p -2.93%

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