FTSE 250 movers: IG Group dives, Cairn Energy strikes oil

London’s FTSE 250 was down 0.35% at 18,698.02 in afternoon trade on Tuesday, with IG Group pacing the decline after being hit by regulatory issues.

The online trading group posted a 17% drop in first-half pre-tax profit as stringent new rules were imposed by the European securities regulator.

Shore Capital said: "While quarterly revenue volatility has always been a feature in the results of the leveraged traders, we think that IG is a quality operator that will successfully navigate the new regulations and ultimately re-establish a level of growth (top line approximately mid-single digit%) in a cleaned-up industry."

Fertiliser miner Sirius Minerals also dropped as it said it was adjusting the terms of a planned $3bn (£2.3bn) funding round for its Yorkshire polyhalite project to reduce risk, while Computacenter followed it lower ahead of a trading update on Wednesday.

Aggreko dropped after Peel Hunt downgraded it to 'reduce' from 'hold', stating that the company's third quarter update had provided reassurance that the company was on track but analysts remain "wary that the fragile global macro-economic backdrop is likely to lead to customer hesitancy and greater off-hire risk".

On the other side of the coin, oil producer Cairn Energy topped the risers after reporting that its net share of full year production was estimated to be 19,000 - 22,000 barrels of oil equivalent, well above 2018's average of 17,500.

Analysts at Berenberg said Cairn's operational indicators were largely in line with expectations across production, opex and capex, though there was disappointment from the ongoing Cairn India tax dispute, with the tribunal at The Hague yet to announce a verdict. Cairn "will have one of the most attractive exploration programmes in 2019" offshore the UK, Norway and Mexico, with results due in the second half of the year, while the final investment decision at the SNE field offshore Senegal is also hotly anticipated.

Retailer Dixons Carphone gained after it backed its full-year profit guidance as it reported mixed trading over the Christmas period, with electricals sales up but mobile sales down, while financial services outsourcer Equiniti climbed after being raised to 'buy' at Peel Hunt.

Clothing retailer Superdry continued to make gains following a Sunday Times report that former boss Julian Dunkerton will call an extraordinary general meeting of the company's shareholders in the next four weeks as he looks to return to the group.

FTSE 250 - Risers

Cairn Energy (CNE) 192.10p 3.78%
Dixons Carphone (DC.) 142.45p 3.56%
Equiniti Group (EQN) 218.50p 2.58%
Superdry (SDRY) 535.50p 2.29%
Charter Court Financial Services Group (CCFS) 282.00p 2.25%
Hastings Group Holdings (HSTG) 203.88p 2.25%
Fisher (James) & Sons (FSJ) 1,900.00p 2.15%
Royal Mail (RMG) 300.30p 2.07%
Indivior (INDV) 122.20p 1.83%
Halfords Group (HFD) 242.40p 1.76%

FTSE 250 - Fallers

IG Group Holdings (IGG) 575.00p -10.30%
Sirius Minerals (SXX) 20.90p -6.61%
Computacenter (CCC) 999.00p -4.49%
Aggreko (AGK) 717.80p -4.04%
Senior (SNR) 210.80p -3.66%
IP Group (IPO) 105.16p -2.81%
Hunting (HTG) 546.50p -2.76%
Tullow Oil (TLW) 197.75p -2.73%
Capita (CPI) 115.85p -2.61%
Hilton Food Group (HFG) 904.00p -2.59%