FTSE 250 movers: Syncona slides, Stagecoach shines
By Duncan Ferris
Date: Wednesday 11 Dec 2019
(Sharecast News) - London's FTSE 250 was 1.22% lower at 20,526.53 in afternoon trade on Wednesday, with Syncona leading the index downward.
Energy investor Riverstone International sank after it said it will dispose of all offshore Gulf of Mexico assets owned by affiliates of Castex Energy to Talos Energy for an undisclosed sum.
Stocks with exposure to the UK, such NewRiver REIT and Unite Group meanwhile were generally weaker amid the potential for a hung parliament.
Computacenter fell back, having risen on Tuesday after saying that results for 2019 would be "well ahead" of current market expectations in terms of profitability and earnings per share.
Up at the other end of the index, transport operator Stagecoach rallied as its interim revenues came in ahead of expectations and after it announced that Ray O'Toole would succeed company founder Brian Souter as chairman from 1 January.
AJ Bell analyst Russ Mould said: "The results which accompanied these board changes, as expected, revealed a significant drop in revenue reflecting the sale of its North American business and the loss of its rail franchises. While this has made for a simpler business, it also means the company's fortunes are almost entirely tied to its UK bus operations."
"With the outcome of Thursday's election still uncertain, and the threat of increased regulation whoever prevails, Stagecoach could be navigating an increasingly bumpy road."
Wood Group was higher on the back of an upgrade to 'buy' at Citi and SSP was in the green after an upgrade to 'overweight' at Morgan Stanley.
Finally, Kaz Minerals climbed as hopes for a delay to US tariffs on Chinese goods sent miners higher, while Lancashire Holdings climbed after Investec analysts upped their rating of the stock from 'reduce' to 'add'.
Market Movers
FTSE 250 (MCX) 20,526.53 -1.22%
FTSE 250 - Risers
Stagecoach Group (SGC) 135.50p 7.88%
Tullow Oil (TLW) 48.72p 6.75%
Wood Group (John) (WG.) 336.00p 2.44%
SSP Group (SSPG) 650.00p 2.04%
AJ Bell (AJB) 411.00p 1.48%
Quilter (QLT) 148.35p 1.12%
Kaz Minerals (KAZ) 504.60p 1.08%
Barr (A.G.) (BAG) 571.00p 1.06%
Lancashire Holdings Limited (LRE) 717.50p 0.70%
Dixons Carphone (DC.) 130.80p 0.65%
FTSE 250 - Fallers
Syncona Limited NPV (SYNC) 202.50p -7.74%
Riverstone Energy Limited (RSE) 396.50p -7.36%
Watches of Switzerland Group (WOSG) 300.60p -6.06%
Rathbone Brothers (RAT) 2,000.00p -5.66%
Bakkavor Group (BAKK) 135.40p -4.92%
NewRiver REIT (NRR) 190.20p -4.71%
Computacenter (CCC) 1,533.00p -4.49%
IP Group (IPO) 59.80p -4.47%
Unite Group (UTG) 1,180.00p -4.30%
Drax Group (DRX) 286.00p -3.83%
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