FTSE 250 movers: Hammerson heads lower; XP Power boosted by broker note
By Michele Maatouk
Date: Thursday 06 Aug 2020
(Sharecast News) - London's FTSE 250 was down 1% at 17,469.07 in afternoon trade on Thursday.
Shopping centre owner Hammerson was under pressure after announcing plans to raise around £825m through a rights issue and the sale of its 50% interest in Via Outlets to help counter the impact of the coronavirus pandemic.
The company will raise £552m through a rights issue and £274m through the sale of Via Outlets to s to joint venture partner APG .
Defence engineering firm Meggitt lost ground as it insisted that its financial position was "strong" and said it's considering its options following a press report that it is looking at an equity offering of up to $600m.
Ibstock was in the red as it swung to a first-half loss as coronavirus lockdowns halted building activity, but reported a pick-up in July after government restrictions were eased.
Sabre Insurance was lower as its stock went ex-dividend.
Bucking the trend, XP Power rallied after Liberum initiated coverage of the stock at 'buy' as it noted 20% upside to the current share price. The broker said it expects XP's earnings growth to accelerate from its 9% five-year average to 15%, which should drive a re-rating towards quality peers.
Synthomer was higher as it reinstated its 2020 guidance and said it expects to pay a final dividend for the year.
Outsourcer Serco gained as it said interim profits rose 53% on the back of demand from governments for its services during the pandemic and purchase of a US naval systems unit last year.
FTSE 250 - Risers
Frasers Group (FRAS) 273.60p 3.96%
XP Power Ltd. (DI) (XPP) 4,260.00p 3.15%
Greggs (GRG) 1,342.00p 2.91%
Ascential (ASCL) 278.80p 2.58%
Calisen (CLSN) 167.90p 2.38%
Petrofac Ltd. (PFC) 157.40p 2.21%
Dechra Pharmaceuticals (DPH) 3,088.00p 2.18%
Synthomer (SYNT) 301.40p 2.03%
Softcat (SCT) 1,367.00p 2.01%
Computacenter (CCC) 2,060.00p 1.98%
FTSE 250 - Fallers
Serco Group (SRP) 142.30p -15.05%
Hammerson (HMSO) 49.41p -11.70%
Sabre Insurance Group (SBRE) 254.50p -8.78%
WH Smith (SMWH) 924.50p -7.55%
National Express Group (NEX) 152.70p -7.17%
Meggitt (MGGT) 276.30p -6.40%
Go-Ahead Group (GOG) 602.00p -5.94%
Ibstock (IBST) 158.30p -5.83%
Energean (ENOG) 600.00p -5.81%
IMI (IMI) 1,020.00p -5.73%
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