FTSE 250 movers: Cranswick gains on upgrade; SIG tumbles

London’s FTSE 250 was down 1.2% to 17,444.99 in afternoon trade.

Cranswick was among the top risers after Liberum upgraded the stock to ‘buy’ from ‘hold’ saying the recent de-rating offers a buying opportunity.

It noted the stock has fallen more than 15% since April to pre-Crown Chicken acquisition levels.

Global mobile satellite communications provider Inmarsat gained after announcing it will provide its new ‘GX for Aviation’ in-flight broadband solution to Austrian Airlines' continental aircraft fleet under a “landmark” new contract.

NCC rallied as it announced the acquisition of Boston-based information, network and application security consultancy Virtual Security Research for up to $6m in cash.

Cyber security and risk mitigation company NCC said the amount comprises an initial payment of $4m and two further annual payments of up to $1m each, dependent on performance-related targets.

On the downside, SIG tumbled after issuing a profit warning and announcing the surprise departure of its chief executive officer. It now expects underlying pre-tax profit for the year ending 31 December to be between £75m and £80m, which is down from £87.4m last year and below consensus estimates of £90m.

It attributed the expected decline in part to weaker-than-expected trading conditions since the EU referendum.

It was also hit by a downgrade to ‘hold’ from ‘buy’ by Jefferies.

Asset managers Ashmore and Aberdeen Asset Management were under the cosh. Nicholas Hyett, equity analyst at Hargreaves Lansdown, said the stocks were weaker amid worries that a spending splurge under Trump could cause the Fed to hike interest rates to fend off inflation.

Tullow Oil gushed lower as Canaccord Genuity downgraded its rating to ‘sell’ from ‘hold’ but raised its target price to 230p from 220p.

Canaccord said the issues Tullow highlighted in its 9 November trading update on the Tweneboa, Enyenra, Ntomme (TEN) fields offshore Ghana, raise a “hint of concern” and the scale of projected net debt was substantially more than it had expected.

Risers

Countrywide (CWD) 204.30p 3.29%
Cranswick (CWK) 2,210.00p 2.79%
Workspace Group (WKP) 680.50p 2.64%
Inmarsat (ISAT) 742.00p 2.63%
Kaz Minerals (KAZ) 360.50p 2.41%
NCC Group (NCC) 201.00p 2.29%
Daejan Holdings (DJAN) 5,515.00p 1.75%
Great Portland Estates (GPOR) 619.50p 1.47%
Clarkson (CKN) 2,275.00p 1.47%
Paragon Group Of Companies (PAG) 341.50p 1.40%

Fallers

SIG (SHI) 91.90p -20.64%
Ashmore Group (ASHM) 305.00p -7.07%
Acacia Mining (ACA) 466.80p -6.55%
IMI (IMI) 926.50p -5.17%
Aberdeen Asset Management (ADN) 294.90p -4.93%
Tullow Oil (TLW) 250.10p -4.80%
JPMorgan Indian Investment Trust (JII) 630.00p -4.69%
Keller Group (KLR) 763.50p -4.56%
Intermediate Capital Group (ICP) 618.00p -4.41%
Amec Foster Wheeler (AMFW) 431.00p -4.37%