FTSE 250 movers: Hastings higher on deal news; Hammerson slumps
By Michele Maatouk
Date: Wednesday 05 Aug 2020
(Sharecast News) - London's FTSE 250 was up 1.4% at 17,543.75 in afternoon trade on Wednesday.
Hastings surged after it agreed terms on a £1.6bn takeover from a consortium led by Finnish insurer Sampo and its biggest shareholder, Rand Merchant Investment Holdings. The company also reported an increase in first-half profits as higher premium and an improved loss ratio offset the impact of claims inflation due to the coronavirus pandemic.
Morgan Sindall was in the green as it posted a slump in first-half profit but said the performance of its construction business is expected to improve in the second half.
Gold miners Hochschild and Centamin shone as the price of the yellow metal surged past $2,000 an ounce for the first time ever.
Ukraine-focussed iron ore company Ferrexpo was up after it said both sales and production volumes increased in the first half of the trading year despite "unprecedented" global disruption.
UDG Healthcare was higher after reinstating its full-year guidance and interim dividend.
Going the other way, shopping centre owner Hammerson was under the cosh a day ahead of its half-year results. The company confirmed earlier in the week that it was in advanced talks over the terms of a possible disposal of its 50% stake in its VIA outlets business to its joint venture partner APG and that it is considering a rights issue.
Hammerson is widely expected to announce a £600m right issue on Thursday.
FTSE 250 - Risers
Hastings Group Holdings (HSTG) 252.40p 17.40%
Hochschild Mining (HOC) 312.00p 12.47%
Morgan Sindall Group (MGNS) 1,162.00p 11.73%
IWG (IWG) 246.00p 10.51%
Ferrexpo (FXPO) 198.40p 9.31%
Centamin (DI) (CEY) 229.90p 8.55%
Mitchells & Butlers (MAB) 166.40p 7.08%
Babcock International Group (BAB) 279.40p 6.72%
Cairn Energy (CNE) 137.60p 6.09%
UDG Healthcare Public Limited Company (UDG) 749.50p 5.94%
FTSE 250 - Fallers
Hammerson (HMSO) 54.88p -8.59%
HGCapital Trust (HGT) 250.50p -3.65%
C&C Group (CCR) 226.50p -3.00%
XP Power Ltd. (DI) (XPP) 4,140.00p -2.59%
Rank Group (RNK) 139.60p -2.51%
Oxford Instruments (OXIG) 1,366.00p -2.43%
Scottish American Inv Company (SAIN) 426.00p -2.29%
Investec (INVP) 148.55p -2.17%
Sabre Insurance Group (SBRE) 277.50p -2.12%
Close Brothers Group (CBG) 1,095.00p -1.97%
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