FTSE 250 movers: Kier crumbles, Inmarsat takes off
London's FTSE 250 was 0.49% lower at 19,455.35 in afternoon trading on Wednesday, with Kier Group's tumble dragging the index lower.
The construction services and property group saw its shares slide after swing to a first-half loss of £35.5m from a similar sized profit the year before.
Analysts from Canaccord said: "Guidance is unchanged but we would not be surprised to see the top end edge lower and confidence around the numbers is likely to remain questionable given recent developments and first half underlying profits have missed. The shares look lowly rated on current consensus forecasts but we would not expect a near-term re-rating until evidence of reliable delivery is seen."
Just Group also ambled lower as Numis cut the stock's target price from 200p to 160p, while Provident Financial was lower after Berenberg cut its target price from 590p to 540p.
Trading platforms IG Group and Plus500 were both leading the fallers in a financial services sector swathed in red on Wednesday amid Brexit worries and bearish comments on the investment banking sector from UBS.
On the upside, Inmarsat shares surged after the satellite communications group confirmed that it was in talks with a consortium of private equity companies after receiving a takeover proposal in January.
The proposal from Apax Partners, Warburg Pincus International, and Canada Pension Plan Investment Board was about a possible cash offer of $7.21 per Inmarsat share, assuming no further dividends would be paid by Inmarsat following the date of the proposal.
Automotive fluid storage, carrying and delivery systems specialist TI Fluid Systems rose as it hiked its dividend and posted a jump in full-year profit following revenue growth of 2.0% year-on-year at constant currency.
Premier Oil climbed as Stifel upgraded the stock to a 'buy' rating, while Lancashire Holdings edged upwards as RBC raised the stock's price target from 700p to 725p
Energy services provider Wood Group recovered slightly after having fallen sharply on Tuesday as it said it swung to a profit in 2018 but that its deleveraging programme this year would be "more gradual than originally anticipated".
Market Movers
FTSE 250 (MCX) 19,455.35 -0.49%
FTSE 250 - Risers
Inmarsat (ISAT) 510.80p 16.67%
TI Fluid Systems (TIFS) 192.90p 12.35%
Premier Oil (PMO) 93.95p 4.39%
Indivior (INDV) 112.85p 1.67%
Lancashire Holdings Limited (LRE) 662.00p 1.46%
Wood Group (John) (WG.) 557.60p 1.38%
AJ Bell (AJB) 310.00p 1.29%
Moneysupermarket.com Group (MONY) 362.80p 1.20%
Tate & Lyle (TATE) 714.40p 0.96%
Savills (SVS) 927.50p 0.92%
FTSE 250 - Fallers
Kier Group (KIE) 434.82p -10.16%
Just Group (JUST) 74.00p -5.13%
IG Group Holdings (IGG) 554.50p -4.07%
Genus (GNS) 2,364.00p -3.90%
Royal Mail (RMG) 255.06p -3.82%
Plus500 Ltd (DI) (PLUS) 771.50p -3.68%
Bakkavor Group (BAKK) 120.40p -3.68%
Investec (INVP) 459.30p -3.55%
Provident Financial (PFG) 533.40p -3.44%
888 Holdings (888) 164.40p -3.01%