FTSE 250 movers: Entertainment One leads late rally as 'pigs can fly'
A late dash saw the FTSE 250 break into the black on Friday afternoon, with top risers lifted by broker upgrades.
Barclays upgraded Computacenter to 'overweight' from 'equal weight' and upped it target price to 900p from 750p. Analysts, who mooted a possible cash return as a potential boost, raised their profit forecasts by 5-6% for next three years as German demand is seen making up for a stagnating UK market.
Similarly Pepper Pig owner Entertainment One was boosted as Citigroup initiated coverage at 'buy' with a target price of 295p in a note entitled "Pigs can fly". Analysts said eOne is "a unique asset - a rare sizeable standalone content asset in a fragmented market" where competition for TV content is driving improving economics for content owners such as the London-listed group and the shift from rigid output deals towards production in film "should improve economics and reduce risk".
Homewares retailer Dunelm climbed on the back of a strong update for the fourth quarter rose. The FTSE 250 firm said total revenue, excluding its Worldstores acquisition, rose by 6.7% to £217.4m, with total like-for-like growth rising 3.8%.
Defence, security, transport and energy company Ultra Electronics recovered from an initial fall after announcing a conditional merger agreement to acquire New York-listed electromechanical device maker Sparton for $234.8m (£180.6m).
Aveva was higher as the software group said its full year outlook remains in line with management expectations after it made a "solid start" to the financial year.
Howden Joinery shares were down slightly after it chief executive Matthew Ingle announced his retirement after 22 years after founding the company. The good news is that it has poached Screwfix boss Andrew Livingston from larger rival Kingfisher to fill the hole.
Some oil producers and engineers, including Nostrum Oil & Gas and Petrofac, were lower as oil prices fell from their recent highs as rising US production seemed to overpower OPEC-led cuts to rekindle global supply glut fears, market analysts said.
Market Movers
FTSE 100 (UKX) 7,343.43 0.08%
FTSE 250 (MCX) 19,372.77 0.02%
techMARK (TASX) 3,500.26 0.48%
FTSE 250 - Risers
Computacenter (CCC) 883.00p 4.93%
Entertainment One Limited (ETO) 230.00p 4.03%
Dunelm Group (DNLM) 620.50p 3.94%
ZPG Plc (ZPG) 366.30p 3.12%
Sanne Group (SNN) 670.00p 3.00%
Coats Group (COA) 76.40p 2.41%
Ultra Electronics Holdings (ULE) 2,036.00p 2.26%
Aveva Group (AVV) 2,018.00p 2.18%
Pennon Group (PNN) 808.50p 2.15%
Intermediate Capital Group (ICP) 905.00p 2.09%
FTSE 250 - Fallers
Nostrum Oil & Gas (NOG) 460.60p -3.64%
Aggreko (AGK) 875.00p -3.63%
Petrofac Ltd. (PFC) 442.10p -3.24%
Hochschild Mining (HOC) 254.10p -2.76%
Tullow Oil (TLW) 152.90p -2.67%
Evraz (EVR) 217.70p -2.60%
Sirius Minerals (SXX) 29.25p -2.50%
Capita (CPI) 662.50p -2.21%
Riverstone Energy Limited (RSE) 1,233.00p -2.14%
Acacia Mining (ACA) 275.50p -1.99%