FTSE 250 movers: Petrofac gushes higher, Funding Circle falters
By Duncan Ferris
Date: Wednesday 26 Jun 2019
(Sharecast News) - London's FTSE 250 fell 0.14% lower to 19,260.07 in afternoon trade on Wednesday, with Funding Circle leading the index lower.
The peer-to-peer lending marketplace was accompanied by fellow financial stocks, with Amigo Holdings, Charter Court Financial Services, Plus500 and Onesavings Bank all featuring among the top fallers.
At the other end of the pitch, oilfield services provider Petrofac led the way higher following reports that a criminal investigation into three businessmen accused of winning contracts for the company through bribery has been dropped by the Serious Fraud Office.
Wood Group advanced after it said its performance in the first half was up on the prior year, with improvements seen in earnings growth and margins.
Helal Miah, investment research analyst at The Share Centre, said: "We have longed believed that Wood, given its recent acquisitions is well placed to benefit from increased spending in the energy sector to expand capacity and resources. It is also now a more diversified business with exposure to other areas such as nuclear and renewable energy. With an attractive dividend yield of roughly 6%, we maintain our buy recommendation for investors willing to accept a medium to higher level of risk."
Jupiter Fund Management bucked the trend to make gains after it was upgraded to 'buy' at by analysts at Peel Hunt, who also upped the stock's target price from 375p to 480p and upgraded profit before tax and earnings per share forecasts by 11%.
BCA Marketplace gained as private equity firm TDR Capital confirmed that it has made a £1.9bn offer for the car auctioneer and WeBuyAnyCar.com owner. The company also posted a jump in full-year revenue and profit.
Finally, bus and rail operator Stagecoach pushed higher as it reported a 30% increase in full-year pre-tax profit and said it has no plans to bid for any new UK rail franchises after operations end in November.
Market Movers
FTSE 250 (MCX) 19,260.07 -0.14%
FTSE 250 - Risers
Petrofac Ltd. (PFC) 464.70p 14.74%
Wood Group (John) (WG.) 443.40p 6.10%
Premier Oil (PMO) 77.40p 3.73%
Provident Financial (PFG) 420.90p 3.64%
Royal Mail (RMG) 202.60p 3.00%
Jupiter Fund Management (JUP) 422.90p 2.65%
Hilton Food Group (HFG) 964.00p 2.55%
BCA Marketplace (BCA) 241.40p 2.55%
Stagecoach Group (SGC) 120.50p 2.47%
RHI Magnesita N.V. (DI) (RHIM) 4,820.00p 2.42%
FTSE 250 - Fallers
Funding Circle Holdings (FCH) 200.24p -6.65%
Amigo Holdings (AMGO) 210.00p -4.55%
Charter Court Financial Services Group (CCFS) 292.17p -3.73%
Hays (HAS) 157.19p -3.32%
Safestore Holdings (SAFE) 614.00p -3.31%
Plus500 Ltd (DI) (PLUS) 586.20p -3.11%
OneSavings Bank (OSB) 360.20p -3.02%
Dixons Carphone (DC.) 110.45p -2.99%
Intu Properties (INTU) 75.54p -2.71%
Woodford Patient Capital Trust (WPCT) 54.84p -2.41%
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