FTSE 250 movers: Network International gains; Beazley in the red
By Michele Maatouk
Date: Tuesday 22 Sep 2020
(Sharecast News) - London's FTSE 250 was down 0.1% at 16,861.24 in afternoon trade on Tuesday.
Beazley was under the cosh as it said Covid-19 claims are set to be twice what it previously expected, mainly due to event cancellation losses. The insurer said in April that claims were expected to be $170m, but this has been increased to $340 net of reinsurance. This figure assumes the company returns to "some form of normality" in the second half of 2021. If it doesn't, there would be a further $50m of claims net of reinsurance.
The sector was also hit after the Financial Conduct Authority said it was consulting on a "radical" package that would mean loyal customers would not pay more for home or motor insurance than new customers. Direct Line and Moneysupermarket were both in the red.
Payments processor Network International was the standout gainer, having tumbled a day earlier. The company put out a statement on Monday saying it did not know of any reason for the share price fall.
It also said it was "pleased to report that the trend of improving volumes in directly acquired domestic TPV, reported for July with our interim results, has continued in August and early September".
Citi reiterated its 'buy' rating on the stock following the share price slump. It said the share price had become "a story in itself".
Pub group Mitchells & Butlers was a high riser, having fallen on Monday after it emerged the government would be imposing a 10pm curfew on pubs.
Merchant bank Close Brothers was also in the black after it reinstated its dividend following a "resilient performance" in the year ended 31 July.
FTSE 250 - Risers
Network International Holdings (NETW) 296.60p 25.68%
Mitchells & Butlers (MAB) 129.40p 8.74%
Close Brothers Group (CBG) 1,005.00p 4.42%
Calisen (CLSN) 155.45p 4.33%
GCP Student Living (DIGS) 133.40p 4.22%
Micro Focus International (MCRO) 269.90p 4.13%
Virgin Money UK (VMUK) 75.16p 4.07%
Investec (INVP) 135.40p 3.83%
Dixons Carphone (DC.) 90.55p 3.54%
Paragon Banking Group (PAG) 316.80p 3.46%
FTSE 250 - Fallers
Beazley (BEZ) 343.00p -12.05%
Direct Line Insurance Group (DLG) 283.60p -5.91%
Morgan Sindall Group (MGNS) 1,152.00p -4.64%
Chemring Group (CHG) 241.50p -3.98%
Clarkson (CKN) 2,395.00p -3.43%
Bellway (BWY) 2,081.00p -3.21%
Provident Financial (PFG) 198.10p -3.08%
Moneysupermarket.com Group (MONY) 260.20p -2.91%
Liontrust Asset Management (LIO) 1,240.00p -2.75%
Airtel Africa (AAF) 60.30p -2.74%
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