FTSE 250 movers: Chemring surges on interims; B&M hit by downgrade
By Michele Maatouk
Date: Wednesday 03 Jun 2020
(Sharecast News) - London's FTSE 250 was up 2.6% at 17,889.70 in afternoon trade on Wednesday.
Chemring surged after it posted a rise in interim profit thanks to strong performances in both of its segments as it backed its full-year expectations. In the six months to 30 April, underlying pre-tax profit rose to £24.2m from £9.9m in the first half of last year, with revenue up 37% to £191m. The interim dividend was lifted 8% to 1.3p a share.
The defence company said performance was ahead of its expectations, reflecting "strong" showings in both divisions - Sensors & Information and Countermeasures & Energetics - and "some positive timing difference".
Elsewhere, shopping centre owner Hammerson rallied again, having said at the start of the week that its flagship locations in England would reopen from June 15, as the government relaxes its coronavirus lockdown guidance.
The move would follow the reopening of four venues in France last month. Hammerson said across its premium outlets portfolio, nine of the 11 VIA Outlets, a joint venture with APG, were trading.
Going the other way, B&M European Value Retail was weaker after Jefferies reduced its rating on the shares to 'hold' from 'buy' to reflect gains in the low-price retailer's stock and weaker short-term sales prospects.
"Whilst remaining clearly enthused by B&M's longer-term prospects, we see a weakening of UK consumer footfall into discount food offerings as a potential ST [short-term] unknown once the relevance of B&M's seasonal non-food offering subsides," Jefferies analyst James Grzinic said.
FTSE 250 - Risers
Chemring Group (CHG) 270.00p 26.46%
Hammerson (HMSO) 136.40p 23.05%
Hyve Group (HYVE) 106.20p 15.43%
Marston's (MARS) 68.75p 13.17%
Stagecoach Group (SGC) 74.10p 11.26%
Airtel Africa (AAF) 49.25p 11.05%
Aston Martin Lagonda Global Holdings (AML) 64.80p 10.49%
Senior (SNR) 74.55p 9.96%
Petrofac Ltd. (PFC) 204.80p 9.14%
Watches of Switzerland Group (WOSG) 314.50p 8.64%
FTSE 250 - Fallers
Hochschild Mining (HOC) 196.60p -5.57%
Avast (AVST) 494.80p -4.48%
Softcat (SCT) 1,089.00p -2.51%
Kingfisher (KGF) 203.30p -2.07%
Centamin (DI) (CEY) 160.00p -2.02%
Man Group (EMG) 140.35p -1.54%
B&M European Value Retail S.A. (DI) (BME) 386.90p -1.53%
AJ Bell (AJB) 388.00p -1.52%
Ascential (ASCL) 271.00p -1.45%
Petropavlovsk (POG) 25.35p -1.17%
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