FTSE 250 movers: Metro Bank chugs higher, Synthomer stumbles
London's FTSE 250 was up 0.06% at 19,412.09 in afternoon trade on Monday, with Metro Bank steering the index upwards.
The challenger bank was on the rise after its cash call to raise £350m to fill a hole in its accounts received support from high-profile backers, including hedge fund boss Steve Cohen and luxury homebuilder Bruce Toll.
Energean Oil & Gas was a high riser as it commenced its 2019 Israeli drilling campaign, which it said will consist of three development wells at the Karish North prospect.
High street clothing retailer Ted Baker saw its stock move higher after early losses, as it said chief executive and founder, Ray Kelvin, had resigned with immediate effect following allegations last year of misconduct.
A note from analysts at Liberum said: "The resignation and departure of Ray Kelvin from Ted Baker is unfortunate but understandable. He leaves the business with a strong team. There should be minimal disruption, but we are encouraged that the board is providing additional support to the executive team. Ted Baker has grown steadily and has become a global brand and we do not see any change to the group's long term prospects."
Syncona rose after confirming that its clinical-stage gene therapy firm Nightstar Therapeutics has reached an agreement to be acquired by Biogen at a price of $25.50 per share, an offer which valued Nightstar at $877m.
On the downside, Synthomer slumped as its full-year earnings before interest and tax missed analysts' expectations, while Victrex was knocked lower by a downgrade to 'sell' at Citi as analysts voiced concerns that growth was diluting the company's earnings while competition for its key product reared its head.
"Given the margins and returns potential of high-performance polymers, we have long expected for the Victrex advantage to be competed away. Whilst the market remains in its infancy, we think these are the first steps in competition materialising and they could intensify," said a note from Citi analysts.
Finally, Rotork was sharply lower as the manufacturer of industrial flow control equipment warned that growth is expected to slow this year.
Market Movers
FTSE 250 (MCX) 19,412.09 0.06%
FTSE 250 - Risers
Metro Bank (MTRO) 992.25p 8.80%
Indivior (INDV) 110.51p 7.24%
Energean Oil & Gas (ENOG) 711.00p 5.26%
Ted Baker (TED) 1,991.00p 5.23%
Fisher (James) & Sons (FSJ) 2,125.00p 4.17%
Coats Group (COA) 84.70p 3.93%
Syncona Limited NPV (SYNC) 295.11p 2.82%
Superdry (SDRY) 546.37p 2.61%
CLS Holdings (CLI) 241.00p 2.55%
Cairn Energy (CNE) 215.00p 2.38%
FTSE 250 - Fallers
Synthomer (SYNT) 371.20p -6.55%
Spirent Communications (SPT) 153.60p -4.72%
Euromoney Institutional Investor (ERM) 1,245.60p -4.18%
William Hill (WMH) 176.90p -3.57%
Hastings Group Holdings (HSTG) 219.00p -3.35%
Victrex plc (VCT) 2,312.00p -3.34%
Vivo Energy (VVO) 131.08p -3.18%
Rotork (ROR) 286.90p -3.07%
Provident Financial (PFG) 583.00p -2.80%
Bakkavor Group (BAKK) 141.60p -2.34%