FTSE 250 movers: Same again as Carillion and retailers lead falls
The FTSE 250 index fell for a second day on Tuesday, with retailers and Carillion again the main cause of the mid cap malaise.
Having lost more than a third of its value the previous day, construction support services group Carillion gave up almost another third on Tuesday as analysts warned of further potential horrors to emerge after the nightmare trading update at the start of the week.
Analysts at UBS said the main question now was how can the company recapitalise itself, being "in a tough position" with debt more than six times estimated adjusted operating profits for the full year, while Morgan Stanley said "further write-downs are possible" as the contract review continues under a new CEO.
A poor first-quarter performance from M&S "rather put the frighteners on UK retail stocks" said analyst Chris Beauchamp at IG, with Dunelm and JD Sports among the big fallers on the 250 index, along with food suppliers Greencore and Dairy Crest.
Beauchamp was not optimistic for the sector outlook, saying: "the picture on UK consumer spending, from both the top-down and bottom-up perspectives, remains quite uninspiring, and that’s before you take Amazon into account".
Housebuilding and construction group Galliford Try was top of the risers after it said full year profits would be at the upper end of analysts forecasts of £46-59m although it sounded a note of caution about political uncertainty in the UK after June's General Election. In a trading update, the company said its Linden Homes and Partnerships & Regeneration units were expected to deliver increased revenue and improved operating margins, while newer contracts in construction were performing well.
Kaz Minerals and Vedanta Resources were on the up as copper prices gained, along with iron ore and steel rebar.
FTSE 250 - Risers
Galliford Try (GFRD) 1,248.00p 6.94%
Kaz Minerals (KAZ) 561.00p 3.79%
PZ Cussons (PZC) 346.30p 1.82%
Vedanta Resources (VED) 719.50p 1.70%
Petrofac Ltd. (PFC) 443.50p 1.44%
CYBG (CYBG) 282.90p 1.43%
Syncona Limited NPV (SYNC) 170.10p 1.37%
Sports Direct International (SPD) 297.30p 1.36%
Evraz (EVR) 222.20p 1.32%
Fidelity China Special Situations (FCSS) 208.90p 1.16%
FTSE 250 - Fallers
Carillion (CLLN) 81.40p -30.49%
Dunelm Group (DNLM) 560.00p -3.70%
Greencore Group (GNC) 229.90p -3.36%
Assura (AGR) 62.35p -3.33%
Big Yellow Group (BYG) 759.00p -3.25%
St. Modwen Properties (SMP) 343.80p -2.99%
JD Sports Fashion (JD.) 340.40p -2.85%
Rank Group (RNK) 221.40p -2.85%
Dairy Crest Group (DCG) 547.50p -2.75%
Man Group (EMG) 149.50p -2.73%