FTSE 250 movers: Investec plunges on South Africa woes; Shawbrook rejection pleases

The South African political crisis worked its way into the FTSE 250 on Friday as Investec shares led the fallers list, down a hefty 9%.

Companies with operations in South Africa fell after President Jacob Zuma sacked his Finance Minister Pravin Gordhan. Miner Evraz was also hit.

Shawbrook Group shares soared after the bank rejected a formal £842.4m takeover offer from existing private equity backer Pollen Street Capital and its bid partner BC Partners.

Although Pollen and BC, via a bid vehicle called Marlin Bidco, again offered 330p per share plus the final dividend of 2.7p, which was unchanged from the offer rejected by Shawbrook's board on 6 March, the offer was changed from a scheme of arrangement to a formal takeover offer, which means the private equity groups only need just over 50% of shareholders to accept.

Funds managed or advised by Pollen Street currently hold roughly 38.8% of the challenger bank but if supportive investors are included it has around 45% of the vote.

Shares in multinational media distribution company Entertainment One also jumped after it updated the market on its performance for the year to 31 March on Friday, with the board claiming “strong” growth in both reported revenue and underlying EBITDA for the year.

Market Movers

FTSE 100 (UKX) 7,342.23 -0.37%
FTSE 250 (MCX) 18,922.55 -0.47%
techMARK (TASX) 3,460.94 -0.29%

FTSE 250 - Risers

Shawbrook Group (SHAW) 338.00p 11.07%
Entertainment One Limited (ETO) 245.50p 6.19%
Serco Group (SRP) 116.60p 5.52%
Sports Direct International (SPD) 308.10p 4.51%
Card Factory (CARD) 284.50p 3.42%
Riverstone Energy Limited (RSE) 1,246.00p 2.98%
Inmarsat (ISAT) 851.00p 1.86%
Carillion (CLLN) 220.50p 1.66%
Grafton Group Units (GFTU) 719.50p 1.55%
Great Portland Estates (GPOR) 646.00p 1.49%

FTSE 250 - Fallers

Investec (INVP) 549.50p -9.02%
Allied Minds (ALM) 304.70p -5.25%
Clarkson (CKN) 2,600.00p -4.41%
Ferrexpo (FXPO) 164.80p -3.96%
Evraz (EVR) 217.60p -3.84%
RPC Group (RPC) 781.50p -3.64%
Vedanta Resources (VED) 796.00p -3.57%
AO World (AO.) 137.20p -2.70%
Kaz Minerals (KAZ) 453.30p -2.58%
Tullow Oil (TLW) 230.90p -2.57%