FTSE 250 movers: Afren plummets after restructuring talks, FirstGroup boosted by strong Q3 update

Takeover target Afren plummeted on news that it has been reviewing its “capital structure, liquidity and funding requirements” and looking at its cost base and spending plans for 2015 given the recent rapid plunge in oil prices. On Monday, Afren extended a ‘put up or shut up’ deadline for potential bidder Seplat to make an offer until 30 January.

A slowdown in like-for-like (LFL) sales growth at pub group JD Wetherspoon caused share prices to dip and prompted Numis Securities to cut its rating on the stock from ‘add’ to ‘hold’ and lower its forecasts, with the broker cautioning about the company’s price position.

Numis said with consumer spending rising and customers beginning to “trade up”, restaurants and premium pubs/bars sector will benefit, while those “trapped in discounting” such as Wetherpoon will face downgrade momentum.

Although its US Greyhound bus services suffered from increased competition, FirstGroup was boosted by a largely reassuring third-quarter update, revealing full-year performance was likely to be in line with expectations.

Strength from the UK rail and US First Transit businesses more than compensated for issues at Greyhound, where demand over the important holiday period was hit by tumbling fuel prices making car travel more competitive with its services.

Pets at Home was among the risers after revealing that increasing demand for dog grooming services, products and accessories bolstered revenue in the 3 months to 1 January 2015.

Nick Wood, chief executive of Pets at Home, said: "We are very pleased with the continued growth in like-for-like sales. This reflects the strength of our offer, the multiple levers through which we can drive growth, and the resilience of the pet products and services market."

Risers
Man Group (EMG) 170.60p +5.63%
FirstGroup (FGP) 107.00p +4.90%
Allied Minds (ALM) 420.00p +4.71%
Premier Oil (PMO) 148.00p +3.86%
Polymetal International (POLY) 619.00p +3.43%
Nostrum Oil & Gas (NOG) 492.00p +3.32%
William Hill (WMH) 369.80p +3.21%
Pets at Home Group (PETS) 208.90p +2.96%
Amec Foster Wheeler (AMFW) 808.00p +2.21%
NMC Health (NMC) 475.10p +2.17%

Fallers
Afren (AFR) 21.43p -16.91%
Domino's Pizza Group (DOM) 674.50p -3.44%
UDG Healthcare Public Limited Company (UDG) 387.80p -3.44%
Poundland Group (PLND) 350.80p -3.41%
Drax Group (DRX) 354.60p -2.21%
Wetherspoon (J.D.) (JDW) 802.50p -2.01%
Grainger (GRI) 189.80p -1.66%
COLT Group SA (COLT) 130.00p -1.59%
Atkins (WS) (ATK) 1,264.00p -1.56%
PayPoint (PAY) 886.00p -1.50%