FTSE 250 movers: Oilers struggle while Ibstock builds gains
London's FTSE 250 was down 0.37% at 18,461.16 in afternoon trade on Friday, as oilers and miners fell.
Energy-related stocks were under pressure, with Premier Oil, Cairn Energy, Tullow Oil, Petrofac and oil and gas industry engineering specialists Weir Group among the as oil prices hit a 2018 low amid worries about a global supply glut.
Miners also struggled, with Ferrexpo and Kaz Minerals in the red as copper and iron prices declined amid plunges in the futures and steel markets.
Fashion retailer Ted Baker slumped as Jefferies slashed its price target to 1,950p from 2,700p on what was a mixed day for retailers as investors watched for signs of how successfully Black Friday deals had managed to part shoppers with their cash.
Going the other way, Ibstock surged to the top of the leader board as it announced the sale of its US brick making unit Glen-Gery to Brickworks Limited for an enterprise value of $110m and used the proceeds to pay off debt.
The clay and concrete building products manufacturer also said it still expected to deliver adjusted EBITDA of £121m - £125m for the year to end-December (which assumed a full year 2018 contribution from Glen-Gery of £11m).
Ibstock was also given a leg up from an upgrade from 'hold' to 'buy' at Peel Hunt. "Given the healthy balance sheet, the group is now even better placed to invest in UK growth initiatives over the medium term, which could see investment in further brick and tile capacity given the tight UK supply dynamics," the brokerage said.
Insurer Hastings Group was a high riser after an upgrade to 'overweight' at Barclays, where analysts reasoned that the stock's 42% drop over the year to date was overly cautious.
"Three motor insurers now trade at 8-9% 2018E dividend yields - Direct Line, Sabre and Hastings. Two of them are conservative low-growth companies with around 100% payout; Hastings still retains growth capacity, but with a 70-80% payout we believe it can maintain generous dividends even if the market turns and growth accelerates.
Paragon Banking Group also inched upwards as Jefferies bumped up its target price from 641p to 667p.
FTSE 250 - Risers
Ibstock (IBST) 237.00p 8.32%
OneSavings Bank (OSB) 350.90p 3.57%
Wizz Air Holdings (WIZZ) 2,980.00p 2.30%
Hastings Group Holdings (HSTG) 192.30p 1.75%
Metro Bank (MTRO) 2,108.00p 1.64%
Paragon Banking Group (PAG) 450.60p 1.62%
Jupiter Fund Management (JUP) 323.20p 1.60%
Sports Direct International (SPD) 289.10p 1.55%
Genus (GNS) 2,266.00p 1.52%
Intu Properties (INTU) 191.35p 1.51%
FTSE 250 - Fallers
Premier Oil (PMO) 67.50p -7.34%
TalkTalk Telecom Group (TALK) 117.10p -6.39%
Cairn Energy (CNE) 167.80p -5.73%
Tullow Oil (TLW) 174.00p -5.43%
Ferrexpo (FXPO) 192.85p -4.72%
Ted Baker (TED) 1,780.00p -4.51%
Weir Group (WEIR) 1,426.00p -3.91%
Just Group (JUST) 85.70p -3.65%
Petrofac Ltd. (PFC) 490.90p -3.63%
Kaz Minerals (KAZ) 524.00p -3.50%