FTSE 250 movers: Plus500 plunge continues, Greggs on a roll
London's FTSE 250 was down 0.32% in afternoon trading on Tuesday, with Plus500 continuing its plunge lower.
The online trading services provider continued to lead the fallers after analysts at Canaccord Genuity took an axe to their target price a day earlier, citing a breakdown in relations with investors after the spreadbetting company said in a statement last Friday had accidentally misled shareholders over its losses in 2017.
Troubled opioid treatment developer Indivior was close behind as the US Supreme Court denied the company's request for an appeal against the launch of potential copycat versions of its big-selling drug.
Elsewhere, Restaurant Group dropped as the monthly Coffer Peach Tracker survey of UK pub and restaurant sales showed restaurant sales down by 2.5% LFL in January.
Greggs was on a roll after it reported an "exceptionally strong" start to 2019, with total sales up 14.1% in the first seven weeks of the year and LFL sales up 9.6%.
"Customer transactions have increased and with the volume growth evident across the savoury category the strong trading has also, we believe, generated considerable operational gearing benefits across both the store base and manufacturing infrastructure," said a note from Shore Capital Markets.
Transport operator FirstGroup followed close behind after reporting that revenues grew 13.7% in the year to date as the company maintained its outlook for the full year.
Meanwhile, aerospace engineer Cobham traded strongly even after it said it would take a £160m hit from its dispute with Boeing over the KC-46 aerial refuelling contract.
Galliford Try continued to rise after having agreed a £275m deal to build 470 new homes and a new council headquarters building in Ealing, London as well as finally handing over the Aberdeen Western Peripheral Route project.
Market Movers
FTSE 250 (MCX) 19,066.00 -0.32%
FTSE 250 - Risers
Greggs (GRG) 1,767.00p 10.30%
FirstGroup (FGP) 95.35p 4.21%
Cobham (COB) 120.15p 4.21%
Dairy Crest Group (DCG) 505.00p 3.82%
Galliford Try (GFRD) 705.00p 2.77%
Polypipe Group (PLP) 410.00p 2.65%
Pennon Group (PNN) 785.60p 2.48%
Centamin (DI) (CEY) 127.05p 2.29%
Beazley (BEZ) 551.00p 2.13%
Grafton Group Units (GFTU) 769.00p 2.06%
FTSE 250 - Fallers
Plus500 Ltd (DI) (PLUS) 713.00p -11.59%
Indivior (INDV) 108.60p -8.20%
Playtech (PTEC) 363.10p -5.42%
FDM Group (Holdings) (FDM) 833.00p -4.03%
IP Group (IPO) 105.00p -3.67%
Restaurant Group (RTN) 130.50p -3.48%
Mediclinic International (MDC) 308.60p -3.44%
Pagegroup (PAGE) 448.40p -3.36%
Metro Bank (MTRO) 1,320.00p -3.15%
Rank Group (RNK) 162.00p -3.11%