FTSE 250 movers: IG gains on update; NEX hit as CFO steps down
London’s FTSE 250 was down 0.1% to 19,973.90 in afternoon trade.
IG Group was the standout gainer. Despite a quiet fourth quarter for the markets, the spread betting and CFD broker said revenue and profits for its fiscal year would be ahead of the previous year.
For the three months to 31 May, the FTSE 250 company saw higher revenues than the prior year, when its house broker had expected them to fall.
Just Eat shares were looking tasty as Peel Hunt initiated coverage of the stock at ‘buy’ noting its “huge incremental opportunity” in key markets driven by increasing online penetration of takeaways and the broadening of its business model.
“When you are growing twice as fast as peers, one has to look at multiples adjusted for growth. On this basis, Just Eat is 57% cheaper on sales, 47% on EBITDA, and 37% on earnings. Adjusting for our intangible asset, these discounts deepen further. We feel the common narrative should change.”
On the downside, NEX Group was under the cosh as it announced that Stuart Bridges has stepped down as chief financial officer and will be leaving the company later in the year. He will be succeeded by Samantha Wren, the current chief commercial officer for NEX Markets, who will join the board with immediate effect.
Ferrexpo, Vedanta and Kaz Minerals took a hit as iron ore prices declined, while Hunting, Tullow Oil, Wood Group, Amec and Petrofac were knocked lower by tumbling oil prices.
Risers
IG Group Holdings (IGG) 581.00p 4.97%
Capita (CPI) 583.50p 2.91%
Just Eat (JE.) 670.00p 2.76%
Ibstock (IBST) 249.00p 2.51%
Nostrum Oil & Gas (NOG) 505.50p 2.41%
Ocado Group (OCDO) 315.30p 2.17%
JPMorgan Indian Investment Trust (JII) 727.00p 2.04%
BTG (BTG) 654.50p 1.95%
TalkTalk Telecom Group (TALK) 175.40p 1.92%
Pets at Home Group (PETS) 164.00p 1.80%
Fallers
Hunting (HTG) 512.00p -5.01%
Ferrexpo (FXPO) 174.10p -4.65%
Vedanta Resources (VED) 620.50p -4.32%
Nex Group (NXG) 647.50p -4.00%
Tullow Oil (TLW) 185.20p -3.89%
Kaz Minerals (KAZ) 488.30p -3.21%
Wood Group (John) (WG.) 717.50p -3.04%
OneSavings Bank (OSB) 410.90p -2.98%
Amec Foster Wheeler (AMFW) 510.00p -2.86%
Petrofac Ltd. (PFC) 385.10p -2.80%