FTSE 250 movers: Mitie up after final results; Acacia loses its shine

London's FTSE 250 index was down 0.5% to 19,676.22 in afternoon trade as investors keep a close eye on political developments in light of last week's hung parliament.

Outsourcer Mitie was the standout gainer after it withheld its final dividend as it tumbled into losses, with the market impressed by the new management team's expectations of a quick return to growth in underlying profits this year. The stock was also boosted by upgrades from Canaccord and Liberum.

Petrofac, Tullow and Hunting all benefited from a rise in oil prices, with West Texas Intermediate and Brent crude up 1.6% to $46.58 a barrel and $48.98, respectively.

CYBG pushed higher after Jefferies upgraded the stock to 'hold' from 'underperform' and lifted the price target to 254p from 205p.

"While excess capital freed up from securing IRB approval for mortgages is likely to amount to 17% of market cap by FY19, lending growth could accelerate as CYBG is better able to compete in the low-LTV space with more attractively priced products. Near-term, CYBG is one of the few challengers able to benefit from the RBS fund helping banks to take Williams & Glyn's SME clients, given its strong current account franchise."

Acacia Mining suffered heavy losses after being accused of operating in Tanzania illegally, as a second presidential mining committee alleged the company had been understating its level of exports for several years to avoid "tens of billions of US dollars".

Shares in Auto Trader skidded following reports that Amazon has started hiring staff to become an online car dealer in Europe.

Ocado was also in the red after unveiling plans to raise hundreds of millions of pounds by launching bonds and extending its credit facility, while Hochschild Mining fell back as gold prices declined.

Risers

Mitie Group (MTO) 275.40p 11.59%
Petrofac Ltd. (PFC) 373.50p 5.57%
Tullow Oil (TLW) 171.60p 3.87%
Redefine International (RDI) 39.51p 2.62%
Capita (CPI) 546.00p 2.34%
Hunting (HTG) 501.00p 2.22%
CYBG (CYBG) 270.40p 2.08%
Booker Group (BOK) 195.40p 2.04%
Drax Group (DRX) 354.40p 2.01%
CLS Holdings (CLI) 198.10p 1.96%

Fallers

Acacia Mining (ACA) 270.00p -10.03%
Auto Trader Group (AUTO) 400.70p -4.60%
Hochschild Mining (HOC) 293.40p -4.59%
Sophos Group (SOPH) 430.60p -4.29%
Polar Capital Technology Trust (PCT) 1,004.00p -4.29%
OneSavings Bank (OSB) 390.50p -4.29%
Just Eat (JE.) 658.00p -3.66%
Vesuvius (VSVS) 549.50p -3.60%
Evraz (EVR) 197.70p -2.99%
Ocado Group (OCDO) 281.70p -2.83%