FTSE 250 movers: Lancashire gains on Citi upgrade; Beazley drops

London’s FTSE 250 was down 0.2% to 16,882.17 in afternoon trading as investors continued to mull over the weekend’s failed meeting of oil producers in Doha.

Insurer Lancashire Holdings was higher after Citigroup upgraded the stock to ‘buy’ from ‘neutral’.

The bank said it expects Lancashire’s excess capital to increase in 2016, allowing the group to offer yields of over 9% per annum on average over 2016-18.

“We believe that the group can maintain combined ratios below 80% with sustainable support from conservative reserving and improved reinsurance purchasing.”

In addition, it expects stable margins and lower top-line attrition to lead to earnings per share beats.

Centamin was in the black despite a downgrade to ‘neutral’ from ‘buy’ by Citigroup, as Numis lifted its price target on the stock 110p from 100p.

“We believe that the company is well positioned to continue to optimize Sukari whilst developing its West African exploration portfolio supported by solid free cash flow generation and an ungeared balance sheet with $199m of cash as of the end of 2015," said Numis.

Beazley was on the back foot, with Lloyd’s of London insurers under pressure after the earthquake in Japan.

Peel Hunt said the Lloyd's insurers are likely to be exposed to commercial and industrial losses following a major earthquake in the southern Japanese island of Kyushu on 16 April.

Risers

Tullett Prebon (TLPR) 346.50p 3.37%
Lancashire Holdings Limited (LRE) 547.50p 2.72%
Centamin (DI) (CEY) 104.20p 2.56%
BGEO Group (BGEO) 2,111.00p 2.48%
Rank Group (RNK) 252.90p 2.18%
Dignity (DTY) 2,524.00p 2.14%
Acacia Mining (ACA) 316.90p 2.06%
Zoopla Property Group (WI) (ZPLA) 280.00p 2.04%
JRP Group (JRP) 133.00p 1.92%
Spire Healthcare Group (SPI) 352.90p 1.88%

Fallers

Evraz (EVR) 127.20p -4.93%
Ashmore Group (ASHM) 289.40p -3.47%
Beazley (BEZ) 319.00p -3.22%
Redrow (RDW) 354.00p -2.91%
CLS Holdings (CLI) 1,525.00p -2.62%
Vedanta Resources (VED) 379.00p -2.37%
Sophos Group (SOPH) 205.20p -2.29%
Polymetal International (POLY) 684.50p -2.21%
Victrex plc (VCT) 1,563.00p -2.19%
Millennium & Copthorne Hotels (MLC) 435.50p -2.13%