FTSE 250 movers: Energy shares gain as oil rallies; Playtech slumps
London’s FTSE 250 was up 0.1% in afternoon trade, with energy-related shares posting the biggest gains as oil prices rallied.
Energy shares got a boost as oil prices surged after OPEC agreed to cut oil production levels to 32.5m barrels per day, reducing output by 1.2m barrels per day. Tullow Oil, Cairn Energy, Hunting and Amec Foster Wheeler racked up healthy gains.
Plastic products maker RPC Group was among the top risers after saying it achieved record half-year revenue and profit on the back of its ‘Vision 2020’ strategy.
In the six months ended 30 September, revenue rose 53% to £1.2bn, boosted by the acquisitions of Global Closure Systems and British Polythene Industries along with about 3% underlying organic growth.
Zoopla advanced as it reported a rise in full-year profit and revenue and announced the acquisition of estate agency website design and hosting business Technicweb.
Wealth management company Brewin Dolphin gained as it posted a drop in pre-tax profit for the year to the end of September, as the results were better than expected.
Statutory profit before tax fell to £50.1m from £61m the year before, which included a one-off gain of £9.7m, as total income fell by 0.5% to £282.4m. Adjusted pre-tax profit fell 1.9% to £61m.
Still this was better than expected. Shore Capital had pencilled in revenue of £276.4m and adjusted pre-tax tax profit of £59.6m. Meanwhile, RBC Capital Markets pointed out that revenue was 1% ahead of both its and consensus forecast.
Drinks maker Britvic rallied as it said profit and revenue in the 53 weeks to 2 October rose on the back of strength in the carbonated drinks division.
On the downside, Playtech was under the cosh after founder Teddy Saggi pocketed almost £329m from the sale of a 12% stake in the company at a discounted price.
Restaurant Group was on the back foot as N+1 Singer downgraded the stock to ‘hold’ and cut its pre-tax profit estimates for 2017 and 2018 by 13% and 12%, respectively.
“Key will be what new CEO says at the March finals regarding strategy especially on Frankie & Bennys and Phase 2 of the strategic review,” it said.
Pub group Greene King was also in the red as it reported a jump in first-half profit but warned over rising consumer and cost pressures.
Risers
Tullow Oil (TLW) 290.10p 10.39%
Cairn Energy (CNE) 201.50p 10.29%
Hunting (HTG) 541.50p 9.66%
RPC Group (RPC) 1,096.00p 9.38%
Zoopla Property Group (ZPLA) 345.50p 8.31%
Brewin Dolphin Holdings (BRW) 282.40p 7.42%
Petra Diamonds Ltd.(DI) (PDL) 166.90p 6.44%
Amec Foster Wheeler (AMFW) 432.80p 6.16%
Britvic (BVIC) 581.00p 6.02%
AO World (AO.) 169.90p 4.62%
Fallers
Playtech (PTEC) 851.50p -7.65%
Restaurant Group (RTN) 324.40p -3.62%
NCC Group (NCC) 186.40p -3.32%
Greene King (GNK) 690.50p -2.95%
Moneysupermarket.com Group (MONY) 266.20p -2.85%
Man Group (EMG) 113.70p -2.82%
Metro Bank (MTRO) 3,255.00p -2.57%
Intermediate Capital Group (ICP) 679.00p -2.37%
TalkTalk Telecom Group (TALK) 158.20p -2.35%
Allied Minds (ALM) 364.90p -2.33%