FTSE 250 movers: AA crashes as Computacenter boots up
By Duncan Ferris
Date: Friday 09 Nov 2018
(Sharecast News) - London's FTSE 250 was down 0.68% at 19,126.74 in afternoon trade on Friday, as the AA struggled alongside oil and gas outfits.
AA was the top faller after a downgrade to 'underperform' by analysts at Credit Suisse, who also slashed the target price to 70p from 110p due to upcoming structural and regulatory challenges.
The bank highlighted three recent news headlines: the Citizens Advice Bureau's super-complaint to the Competition and Markets Authority about loyal AA customers paying more, an FCA pricing discrimination investigation and a little known AA Local Driver Membership offer - from £45 for under 20 miles coverage - which it reckons changes the risk profile of the AA.
Meanwhile, Tullow Oil, Cairn Energy, Premier Oil and oil and gas industry service provider Petrofac were all in the red as oil prices extended the recent sell-off, with Brent crude down 1.4% to $69.65 per barrel.
Hikma Pharmaceuticals fell away after surging on Thursday when it lifted its full-year guidance.
Kaz Minerals and Ferrexpo were also under the cosh as metals prices took a hit from the stronger dollar, which was boosted by the hawkish Fed statement a day earlier.
Going the other way, IT services provider Computacenter was the top riser in afternoon trade, closely followed by Inchcape, which was boosted by an upgrade to 'buy' at HSBC.
Aggreko was also on the rise ahead of a trading update on Tuesday, while Card Factory crept up ahead of an update scheduled for next Thursday.
Provident Financial made gains after the doorstep lender said that its consumer credit division - Home Credit and the Satsuma business - have been fully authorised by the Financial Conduct Authority.
In a note back in October, Barclays said the FCA authorisation would be the key catalyst for the company as it could allow it to add an element of variable pay to its field force to encourage them to improve collections.
FTSE 250 - Risers
Computacenter (CCC) 1,178.00p 3.88%
Wetherspoon (J.D.) (JDW) 1,226.00p 3.29%
Inchcape (INCH) 585.00p 2.90%
Charter Court Financial Services Group (CCFS) 306.00p 2.48%
Aggreko (AGK) 851.40p 2.43%
John Laing Group (JLG) 332.00p 2.22%
Card Factory (CARD) 191.60p 1.91%
Provident Financial (PFG) 565.30p 1.89%
Tate & Lyle (TATE) 704.10p 1.66%
Aveva Group (AVV) 2,656.00p 1.45%
FTSE 250 - Fallers
AA (AA.) 99.40p -8.30%
Tullow Oil (TLW) 200.93p -7.96%
Hikma Pharmaceuticals (HIK) 1,872.00p -7.56%
Cairn Energy (CNE) 192.12p -6.74%
Premier Oil (PMO) 99.35p -6.01%
Superdry (SDRY) 794.00p -4.57%
Kaz Minerals (KAZ) 517.45p -4.53%
Mediclinic International (MDC) 356.10p -4.17%
Ferrexpo (FXPO) 213.90p -4.12%
Petrofac Ltd. (PFC) 572.40p -3.86%
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