FTSE 250 movers: TUI travels higher again; Marston's fizzes lower
By Michele Maatouk
Date: Wednesday 27 May 2020
(Sharecast News) - London's FTSE 250 was up 0.7% at 17,047.00 in afternoon trade on Wednesday.
Travel company TUI was sharply higher for the second day running amid optimism about the easing of lockdown measures and travel restrictions.
CMC Markets analyst Michael Hewson said TUI's rebound has been particularly impressive in the last few days, with its share price up more than 100% this week alone.
"Of course, the current rebound does need to be set in the context of the fact the stock is still over 35% down on the year, and well below last year's peaks," he said.
Elsewhere, Marston's was in the red even as broker Liberum upped its price target on the buy-rated stock to 90p from 65p, arguing that the creation of a brewing joint venture with Carlsberg, announced last week, "solves several near-term issues and should continue to drive value over the medium to long term".
Liberum said the JV crystalises value, simplifies the business focussed on higher growth/higher returns pubs and releases cash to pay down debt.
"The transaction structure should initially be cash flow neutral and earnings enhancing over the longer term as synergies are realised in both the JV and retained Marston's business," it said.
Marston's announced last Thursday that it had formed a new joint venture partnership with Carlsberg UK to create a "best-in-class, brand-led UK brewer of scale" worth around £780m.
Hammerson was weaker as it said it was looking for a new chief executive after David Atkins stepped down after a decade in charge at the commercial property company.
The group said Atkins would stay in the job until spring 2021 at the latest while the board seeks a replacement. Hammerson, which owns the Birmingham Bullring, said Atkins took the decision with the agreement of the board.
FTSE 250 - Risers
Hyve Group (HYVE) 18.66p 15.04%
Cineworld Group (CINE) 79.62p 14.36%
TUI AG Reg Shs (DI) (TUI) 517.40p 12.77%
Virgin Money UK (VMUK) 99.06p 11.50%
Elementis (ELM) 69.00p 11.29%
Greencore Group (GNC) 139.90p 8.96%
Aston Martin Lagonda Global Holdings (AML) 49.14p 8.33%
Senior (SNR) 63.80p 7.95%
Dixons Carphone (DC.) 75.65p 7.00%
Paragon Banking Group (PAG) 364.20p 6.80%
FTSE 250 - Fallers
Kainos Group (KNOS) 786.00p -6.54%
Petropavlovsk (POG) 23.55p -6.36%
Marston's (MARS) 55.85p -5.42%
Hammerson (HMSO) 70.36p -5.38%
Spirent Communications (SPT) 237.50p -4.81%
Hochschild Mining (HOC) 191.30p -4.25%
Mitchells & Butlers (MAB) 184.60p -3.95%
Computacenter (CCC) 1,560.00p -3.82%
Serco Group (SRP) 127.40p -3.56%
IG Group Holdings (IGG) 771.50p -3.50%
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