FTSE 250 movers: Plus500 fights back, Intu gets mauled

London's FTSE 250 was up 0.32% in afternoon trading on Wednesday, with Plus500 leading the index higher after having dropped consistently since the spreadbetting company said in a statement last Friday it had accidentally misled shareholders over its losses in 2017.

Following close behind, Acacia Mining and Centamin gained as gold prices jumped to a 10-month high following the release of data showing holdings in global gold-backed ETFs jumped by 72 tonnes in January to reach 2,513 tonnes to hit their highest levels in nearly six years.

Spectris climbed as HSBC analysts boosted its target price from 2,250p to 2,600p, while Convatec crept upward after a note from Jefferies analysts said they expected the business to see "a gradual recovery in organic growth in 2019, and improvement to be 2H weighted".

Intu Properties tumbled as the shopping centre operator cancelled its final dividend to concetrate on debt reduction as it said it swung to a full-year loss amid a challenging retail backdrop.

A note from Peel Hunt said that the company seemed to have had an "OK" year but commented that its net asset value dropped down by 24% in the year to 312p, "some way lower" than the broker's forecast at 338p, leading the broker to cut its 2019 net asset value forecasts by 5% to roughly 274p and place earnings per share under review.

Hammerson also dropped ahead of the release of its full-year results next week and Cranswick edged lower as Berenberg cut its target price from 3,550p to 3,050p, although the analysts remained confident in its long-term potential despite an upcoming period of "subdued" financial performance.

"Cranswick’s recent trading update contrasted near-term headwinds with medium-term opportunities. After a challenging first half, the company has not seen trading pick up during H2 2019 and its profitability is set to come under pressure during FY 2020. On the other hand, the poultry supply agreement signed with Morrisons illustrates how significant the growth opportunity is for that business," said a statement from the broker.

Market Movers

FTSE 250 (MCX) 19,130.68 0.32%

FTSE 250 - Risers

Plus500 Ltd (DI) (PLUS) 781.15p 8.49%
Acacia Mining (ACA) 242.20p 7.64%
Superdry (SDRY) 541.00p 6.18%
Centamin (DI) (CEY) 134.50p 5.45%
William Hill (WMH) 182.50p 4.89%
Mediclinic International (MDC) 321.10p 3.38%
Spectris (SXS) 2,679.00p 2.72%
Saga (SAGA) 122.30p 2.69%
Convatec Group (CTEC) 124.40p 2.64%
Inmarsat (ISAT) 398.10p 2.50%

FTSE 250 - Fallers

Intu Properties (INTU) 107.40p -9.10%
FDM Group (Holdings) (FDM) 809.00p -4.26%
Hammerson (HMSO) 366.10p -2.92%
Apax Global Alpha Limited (APAX) 141.00p -2.42%
IP Group (IPO) 102.74p -2.34%
Vivo Energy (VVO) 134.79p -2.19%
Halfords Group (HFD) 236.40p -2.15%
Just Group (JUST) 101.00p -2.13%
Cranswick (CWK) 2,484.00p -2.13%
Greencore Group (GNC) 195.85p -2.08%