FTSE 250 movers: Petrofac tanks on SFO probe; Ibstock boosted by broker note

London's FTSE 250 was down 0.3% in afternoon trade to 19,731.38 on what has turned out to be a quiet end to the week.

Ibstock was the standout gainer as Berenberg initiated coverage of the stock at 'buy' with a 310p price target saying it was an unmissable play on clay. It said that as the leading manufacturer of bricks in the UK, Ibstock is well placed to take advantage of strong fundamentals.

"Its new SM3 plant should help the group take market share and lower its cost base while its US exposure will continue to be supportive to growth. Strong free cash flow generation will aid its bolt-on strategy and increase the probability of further shareholder returns."

On the downside, Petrofac gushed lower after the Serious Fraud Office launched a criminal investigation into the company, its subsidiaries and its employees, which the agency confirmed was over suspicions of bribery, corruption and money laundering.

The SFO said the probe was related to the SFO’s ongoing investigation into the activities of Unaoil, a Monaco-based consultancy that worked with Petrofac, primarily in Kazakhstan between 2002 and 2009.

Petrofac's chief executive Ayman Asfari and chief operating officer Marwan Chedid have both been questioned under caution by the SFO.

Other oilfield services groups were also on the back foot, with Tullow, Amec and Wood Group all lower.

Elsewhere, Ferrexpo was weaker as iron ore prices declined, while Paragon Group of Companies retreated ahead of its interims on Tuesday.

Risers

Ibstock (IBST) 239.40p 3.64%
Allied Minds (ALM) 150.80p 3.57%
Just Eat (JE.) 578.00p 3.12%
Renishaw (RSW) 3,631.00p 2.95%
Man Group (EMG) 162.50p 2.72%
Go-Ahead Group (GOG) 1,898.00p 2.59%
Metro Bank (MTRO) 3,563.00p 2.41%
Dechra Pharmaceuticals (DPH) 1,790.00p 2.34%
B&M European Value Retail S.A. (DI) (BME) 360.10p 1.75%
Inmarsat (ISAT) 766.50p 1.52%

Fallers

Petrofac Ltd. (PFC) 739.50p -9.21%
Evraz (EVR) 192.10p -4.43%
Ferrexpo (FXPO) 159.70p -3.09%
Softcat (SCT) 435.30p -2.96%
Savills (SVS) 925.00p -2.84%
Tullow Oil (TLW) 198.80p -2.79%
Amec Foster Wheeler (AMFW) 545.00p -2.50%
Wood Group (John) (WG.) 760.50p -2.31%
Paragon Group Of Companies (PAG) 472.70p -2.23%
Carillion (CLLN) 202.00p -2.18%