FTSE 250 movers: Tullow recovers, John Laing tumbles
By Duncan Ferris
Date: Thursday 12 Dec 2019
(Sharecast News) - London's FTSE 250 was 0.09% higher at 20,665.62 in afternoon trade on Thursday, with Tullow Oil leading the index upward.
The oil and gas explorer continued its recovery, having fallen by more than 70% on Monday when it cut its dividend, lowered production guidance and announced the departure of its chief executive.
Electronics retailer Dixons Carphone advanced even as it said adjusted profits in the first half fell by 60%.
AJ Bell analyst Russ Mould said: "Dixons calls its performance 'robust' but that has to be viewed in relative terms to its troubles in recent years. An 18% decline in first-half mobile revenue is hardly what one would call robust, however expectations were low going into the results."
Construction group Balfour Beatty rallied as it said it expected full-year profit from operations to be slightly ahead of expectations after additional infrastructure investment disposals in the second half.
CMC Markets analyst Michael Hewson said the business' focus on higher margin projects has paid dividends as it has continued to look solid, though, like its construction sector contemporaries, Balfour's share price has suffered due to ongoing uncertainty around the UK economy and the Brexit deadlock.
Down at the other end of the index, John Laing Group retreated after the greenfield infrastructure investor said full-year net asset value will be "marginally" below market expectations.
Marston's and Cineworld were both weaker as their stock went ex-dividend.
Finally, Riverstone International sank for a second consecutive session after on Wednesday announcing that it will dispose of all offshore Gulf of Mexico assets owned by affiliates of Castex Energy to Talos Energy for an undisclosed sum.
Market Movers
FTSE 250 (MCX) 20,665.62 0.09%
FTSE 250 - Risers
Tullow Oil (TLW) 60.00p 13.94%
Aston Martin Lagonda Global Holdings (AML) 610.00p 8.08%
Wood Group (John) (WG.) 362.40p 6.53%
Dixons Carphone (DC.) 140.50p 6.48%
Pets at Home Group (PETS) 281.00p 4.23%
Balfour Beatty (BBY) 239.40p 3.91%
PureTech Health (PRTC) 258.00p 3.61%
Watches of Switzerland Group (WOSG) 309.80p 2.86%
IP Group (IPO) 62.00p 2.65%
Cairn Energy (CNE) 177.40p 2.19%
FTSE 250 - Fallers
John Laing Group (JLG) 352.40p -10.42%
Marston's (MARS) 122.70p -5.18%
Shaftesbury (SHB) 898.50p -3.54%
Riverstone Energy Limited (RSE) 399.00p -3.27%
Finablr (FIN) 208.80p -2.88%
Virgin Money UK (VMUK) 179.80p -2.81%
Cineworld Group (CINE) 205.50p -2.70%
Pennon Group (PNN) 904.60p -2.42%
Contour Global (GLO) 194.60p -2.41%
Syncona Limited NPV (SYNC) 205.50p -2.14%
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