FTSE 250 movers: NMC surges on results; Stagecoach slumps on downgrade

London's FTSE 250 index was up 0.7% to 16,709.59 at 1500 GMT, tracking a generally buoyant tone in markets as investors looked to a series of central bank meetings this week.

UAE healthcare provider NMC Health racked up strong gains after reporting a 46.7% jump in underlying full year profit to $150.3m on the back of a 36.8% rise in revenue to $880.9m.

Net profits were up to $85.8m from $77.5m as the company delivered a strong performance at overall and at the divisional level primarily due to strong inpatient and outpatient performance at its existing hospitals and medical centres.

Stagecoach skidded after HSBC downgraded the stock to ‘reduce’ from ‘hold’ and cut the price target to 240p from 295p.

It noted the shares have clearly fallen a long way – down 25% since the first half results in December – and said it’s possible to argue a long-term value case for the stock.

However, HSBC reckoned the share price weakness so far was mainly because of the bus downgrades, rather than rail risks.

“With a new set of risks potentially set to crystallise, there could be further to go.”

Bookies Ladbrokes and William Hill were also on the back foot amid concerns that this Wednesday’s Budget will see an increase in “sin” taxes, with a particular focus on gambling and tobacco.

Betting firms currently pay three taxes: general betting duty, machine gaming duty and remote gaming duty, and investors are worried that if any of these were to rise, it could lead to shop closures.

Housebuilder Balfour Beatty was in the red ahead of its results on Tuesday.

Risers

NMC Health (NMC) 982.50p 8.09%
Tullow Oil (TLW) 217.20p 5.39%
Shawbrook Group (SHAW) 287.50p 4.55%
Savills (SVS) 736.50p 4.39%
St. Modwen Properties (SMP) 309.40p 4.14%
Millennium & Copthorne Hotels (MLC) 427.70p 4.01%
Lancashire Holdings Limited (LRE) 558.00p 4.01%
Renishaw (RSW) 1,836.00p 3.96%
Brown (N.) Group (BWNG) 363.10p 3.86%
Countrywide (CWD) 365.40p 3.69%

Fallers

Stagecoach Group (SGC) 258.80p -5.34%
Ladbrokes (LAD) 115.20p -4.79%
Vedanta Resources (VED) 322.70p -3.76%
Acacia Mining (ACA) 258.00p -2.86%
William Hill (WMH) 369.30p -2.46%
Mediclinic International (MDC) 902.50p -2.43%
SIG (SHI) 139.40p -1.90%
Balfour Beatty (BBY) 257.20p -1.83%
Poundland Group (PLND) 160.60p -1.53%
Amec Foster Wheeler (AMFW) 489.70p -1.47%