Portfolio

FTSE 250 movers: TP ICAP climbs, Wood Group chopped down

By Duncan Ferris

Date: Tuesday 19 Mar 2019

FTSE 250 movers: TP ICAP climbs, Wood Group chopped down

(Sharecast News) - London's FTSE 250 was 0.32% higher at 19,549.12 in afternoon trading, as TP ICAP pushed the index higher.
The interdealer broker jumped as revenue rose 3% excluding currency fluctuations, though it posted a 14% drop in 2018 pre-tax profit after taking a £65m charge on the reduced value of its assets.

Analysts at Canaccord said: "Today's in line results are an important step in rebuilding trust with the market after a tumultuous 2018. In the company's own words however, 'We enter 2019 with a lot of work to do to transform the group'."

Essentra was also higher after it announced the acquisition of the 49% minority interest in its filters joint venture, Essentra MEA, from Aberdeen International, which is part of the BBM Bommidala group.

IT infrastructure and services provider Softcat climbed as it reported a 41% jump in first-half profit and revenue as customer numbers grew and the company said full-year results will be "marginally" ahead of previous expectations.

Down at the other end of the index, energy services provider Wood Group fell sharply as it said it swung to a profit in 2018 but that its deleveraging programme this year would be "more gradual than originally anticipated".

Piping, plumbing and drainage systems manufacturer Polypipe slid as its full-year revenue came in in line with expectations, but underlying EBITA and earnings per share were a miss, while Ferrexpo was sharply lower after saying that a review of its donation to charity Blooming Land identified additional discrepancies, forcing it to delay its 2018 results.

Metro Bank dropped after reports surfaced that suggested that the Financial Conduct Authority is pressuring the challenger bank to make changes to its nine-person board after the incorrect classification of commercial loans sent its share price tumbling at the beginning of the year.

Finally, Provident Financial was lower after Berenberg analysts cut the stock's target price from 590p to 540p as they commented that the outfit's recovery plan has gone "somewhat slower than expected" amid the attempted hostile takeover from Non-Standard Finance.

Market Movers

FTSE 250 (MCX) 19,549.12 0.32
FTSE 250 - Risers

TP ICAP (TCAP) 324.10p 6.75%
Premier Oil (PMO) 89.80p 4.97%
Hunting (HTG) 594.50p 4.57%
Wetherspoon (J.D.) (JDW) 1,370.00p 4.18%
Vivo Energy (VVO) 126.58p 3.98%
Essentra (ESNT) 416.40p 3.53%
Hilton Food Group (HFG) 952.00p 3.48%
Softcat (SCT) 864.10p 3.24%
Acacia Mining (ACA) 199.75p 2.44%
Ted Baker (TED) 1,808.76p 2.36%

FTSE 250 - Fallers

Wood Group (John) (WG.) 549.00p -8.29%
Polypipe Group (PLP) 404.20p -6.56%
Restaurant Group (RTN) 129.50p -5.47%
Ferrexpo (FXPO) 256.20p -5.18%
Fisher (James) & Sons (FSJ) 2,156.77p -4.57%
Metro Bank (MTRO) 838.68p -3.82%
Provident Financial (PFG) 555.40p -2.77%
Energean Oil & Gas (ENOG) 781.50p -2.30%
GVC Holdings (GVC) 540.08p -2.25%
Crest Nicholson Holdings (CRST) 396.80p -1.98%

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