FTSE 250 movers: Abrdn shares sink, Carnival jumps
By Benjamin Chiou
Date: Tuesday 27 Feb 2024
(Sharecast News) - Fund manager Abrdn was leading the fallers on Tuesday after reporting its 2023 annual results, in which losses narrowed but revenues declined, as it warned of a hit to margins as clients shift to passive investing.
The company also said it had started work on its plans to cut around 500 jobs as part of a cost-reduction programme - which was first announced last month - targeting an annualised cost reduction of at least £150m by 2025, compared to 2023, with around 80% of the savings benefiting the investments business.
Sector peers Jupiter Fund Management and Ninety One were also trading lower.
Real estate stocks were also out of favour, with Savills and UK Commercial Property Reit registering losses of more than 2%.
Leading the risers was Close Brothers Group as the merchant bank's shares rebounded after recent weakness. Including Tuesday's 5% gain, the stock has still fallen by more than a third over the past month on the back of a dividend suspension.
Meanwhile, cruise operator Carnival was also performing well on positive readacross from Norwegian Cruise Line Holdings which guided to a surprise profit in its first quarter on the back of strong bookings for 2024.
FTSE 250 - Risers
Close Brothers Group (CBG) 349.00p 5.18%
Carnival (CCL) 1,123.00p 4.17%
Aston Martin Lagonda Global Holdings (AML) 176.70p 4.12%
RHI Magnesita N.V. (DI) (RHIM) 3,594.00p 3.75%
Mobico Group (MCG) 80.30p 3.68%
Bakkavor Group (BAKK) 94.60p 3.05%
Keller Group (KLR) 866.00p 2.97%
Tritax Eurobox (GBP) (EBOX) 54.40p 2.84%
Wizz Air Holdings (WIZZ) 2,254.00p 2.83%
Darktrace (DARK) 355.20p 2.66%
FTSE 250 - Fallers
FDM Group (Holdings) (FDM) 392.00p -3.69%
Abrdn (ABDN) 155.60p -3.65%
Jupiter Fund Management (JUP) 85.30p -2.51%
Savills (SVS) 918.00p -2.50%
Ninety One (N91) 164.30p -2.49%
UK Commercial Property Reit Limited (UKCM) 64.10p -2.29%
C&C Group (CDI) (CCR) 152.00p -2.06%
Tullow Oil (TLW) 29.12p -1.95%
Direct Line Insurance Group (DLG) 161.55p -1.91%
FirstGroup (FGP) 156.10p -1.76%
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