FTSE 250 movers: Inmarsat rockets as Echostar takes stake; energy stocks rally
By Michele Maatouk
Date: Friday 22 Jun 2018
(Sharecast News) - London's FTSE 250 was up 1.2% to 20,971.76 in afternoon trade on Friday.
Satellite operator Inmarsat rocketed as potential suitor, US rival Echostar, disclosed a stake in the company.
A regulatory filing published on Friday showed that Echostar has taken a 3% stake in Inmarsat, and a 10.4% position in its convertible bonds.
The news came just days after shares in Inmarsat rallied on a report that Echostar was discussing financing options for an improved bid for the group, which rejected a "highly preliminary" takeover proposal from Echostar earlier in June.
Energy-related shares rallied in line with oil prices, with Premier Oil, Wood Group and Tullow all up after the Organisation of Petroleum Exporting Countries and Russia agreed on a 1m barrel a day increase in their combined level of output following a last-minute compromise with those producers that were opposed to a deal.
Syncona was a high riser after saying that its portfolio company, Autolus Therapeutics, had confirmed pricing of its US initial public offering at the top end of the indicated scale. Syncona's 33.8% stake in the business will be valued at $231m (£174.4m).
On the downside, Renishaw and Bodycote were both hit by a note from Goldman Sachs. Bodycote was downgraded to 'sell' from 'neutral' while Renishaw was cut to 'neutral' from 'buy'.
The bank said that after a strong period of share price performance, Bodycote's stock is fully valued in the context of forecast growth, concerns regarding short-cycle and relative to history.
It downgraded Renishaw on share price outperformance, with the shares nearing its 12-month price target of 5,700p. GS noted that since adding the stock to its buy list on 3 April, the shares are up 25% versus 4% for the FTSE World Europe.
FTSE 250 - Risers
Inmarsat (ISAT) 598.40p 9.20%
Premier Oil (PMO) 119.90p 8.02%
Wood Group (John) (WG.) 656.60p 6.45%
Syncona Limited NPV (SYNC) 238.53p 6.01%
Weir Group (WEIR) 2,014.00p 4.08%
Tullow Oil (TLW) 236.50p 4.05%
Millennium & Copthorne Hotels (MLC) 530.00p 3.92%
Ferrexpo (FXPO) 195.63p 3.89%
Hikma Pharmaceuticals (HIK) 1,429.00p 3.85%
Hill & Smith Holdings (HILS) 1,487.00p 3.84%
FTSE 250 - Fallers
Renishaw (RSW) 5,160.00p -6.18%
Bodycote (BOY) 989.50p -1.93%
Stobart Group Ltd. (STOB) 244.50p -1.61%
FDM Group (Holdings) (FDM) 1,028.00p -1.53%
Spectris (SXS) 2,747.00p -1.44%
Ibstock (IBST) 291.80p -1.35%
GCP Infrastructure Investments Ltd (GCP) 119.20p -1.16%
UDG Healthcare Public Limited Company (UDG) 834.00p -1.07%
TalkTalk Telecom Group (TALK) 108.97p -0.67%
CLS Holdings (CLI) 227.50p -0.66%
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