FTSE 250 movers: Paysafe leads risers; Polypipe out of favour

Shares in Digital payment systems provider Paysafe defied the lower FTSE 250 after the firm plans to begin an inaugural share buyback programme of up to £100m.

The company – whose shares were battered last week following a report by anonymous short seller Spotlight Research highlighting material risks from regulatory enforcement action – said the current share price “significantly undervalues” the performance of the business to date and its future prospects.

Paysafe pointed to its proven track record of significant cash conversion, which it said has been used to rapidly reduce the company's leverage since the announcement of the acquisition of Skrill and the associated debt fundraise in March 2015.

Drax continued to power ahead after the European Commission approved the UK’s support of its plans to convert a unit of its power station from coal to biomass.

Electra Private Equity edged up after saying it will receive around £106m from the sale of its stake in Innovia by investment manager Epiris LLP.

Polypipe led the fallers, while Hochschild Mining fell in line with weaker gold and silver prices.

Market Movers

FTSE 250 (MCX) 17,761.03 -0.12%

FTSE 250 - Risers

Paysafe Group (PAYS) 359.40p 5.06%
HarbourVest Global Private Equity Limited A Shs (HVPE) 1,149.00p 3.51%
Fidessa Group (FDSA) 2,308.00p 2.62%
Drax Group (DRX) 359.70p 2.45%
Ferrexpo (FXPO) 139.30p 1.75%
JRP Group (JRP) 146.40p 1.67%
Alliance Trust (ATST) 630.50p 1.61%
Weir Group (WEIR) 1,892.00p 1.61%
Fisher (James) & Sons (FSJ) 1,589.00p 1.53%
Petrofac Ltd. (PFC) 869.50p 1.52%

FTSE 250 - Fallers

Polypipe Group (PLP) 307.90p -4.23%
CLS Holdings (CLI) 1,530.00p -4.14%
Just Eat (JE.) 553.00p -3.91%
OneSavings Bank (OSB) 330.20p -3.82%
Halma (HLMA) 912.50p -3.39%
Hochschild Mining (HOC) 192.10p -2.78%
AO World (AO.) 179.10p -2.66%
Softcat (SCT) 292.00p -2.63%
Zoopla Property Group (ZPLA) 315.80p -2.20%
CMC Markets (CMCX) 112.20p -2.18%