FTSE 250 movers: Centamin gains but Hastings drops on placing

London’s FTSE 250 was down 0.6% to 18,235.79 in afternoon trade.

Motor insurance company Hastings Group was in the red after saying that a group of investors has agreed to sell 46.17m shares, or a 7% stake, at 216p per share.

The price represents a 5.4% discount to the closing price on Tuesday and the investors are Hastings Investco, Neil Utley, the Utley Family Charitable Trust and Richard Brewster.

Goldman Sachs International, Barclays Bank and Credit Suisse Securities were acting as joint bookrunners on the placing, with Peel Hunt acting as lead manager.

Hastings said it will not receive any proceeds from the placing, which is expected to close on or about 7 October.

Hochschild Mining declined as gold prices lost ground.

Water company Pennon was under the cosh despite faring the best in a sector note by RBC Capital Markets, which downgraded peers Severn Trent and United Utilities on valuation grounds.

The Canadian bank upped its price target on outperform-rated Pennon to 950p from 925p.

“We believe PNN offers a one-stop shop for investors seeking exposure to various long-term themes, including water/waste, safety amidst Brexit, macro recovery (relative to SVT/UU), income-play, earnings growth and UK Water M&A. Please see page 25 for a summary of PNN estimate changes.”

On the upside, Centamin was in the black after preliminary production results for the quarter to 30 September from its Sukari Gold Mine in Egypt. The group announced total gold production of 148,674 ounces, a 6% increase on the previous quarter and a 41% increase year-on-year.

The firm said quarterly throughput at the process plant was 2,806kt, a 4% decrease on the previous quarter and in excess of its base case target of 11m tonnes per annum.

Risers

Aldermore Group (ALD) 181.30p 2.95%
JD Sports Fashion (JD.) 1,582.00p 2.66%
Shawbrook Group (SHAW) 250.30p 2.12%
Kaz Minerals (KAZ) 236.80p 2.11%
Brewin Dolphin Holdings (BRW) 274.90p 1.97%
Smurfit Kappa Group (SKG) 1,740.00p 1.87%
Centamin (DI) (CEY) 147.90p 1.86%
Electrocomponents (ECM) 358.80p 1.82%
UK Commercial Property Trust (UKCM) 82.30p 1.79%
OneSavings Bank (OSB) 289.60p 1.69%

Fallers

Hochschild Mining (HOC) 265.10p -4.30%
Countrywide (CWD) 215.90p -3.74%
IP Group (IPO) 165.50p -3.22%
Hastings Group Holdings (HSTG) 222.10p -2.80%
International Personal Finance (IPF) 275.00p -2.79%
Mitchells & Butlers (MAB) 280.20p -2.64%
Workspace Group (WKP) 690.00p -2.61%
Safestore Holdings (SAFE) 381.50p -2.55%
Capital & Counties Properties (CAPC) 283.60p -2.54%
Pennon Group (PNN) 871.00p -2.52%