FTSE 250 movers: TBC Bank jumps, Sanne stumbles

London’s FTSE 250 was up 0.41% at 19,938.43 in afternoon trade on Monday, with TBC Bank leading the index higher.

Shares in the Georgian retail lender leapt as it reported strong interim profit growth after its loan book expanded, with the bank having also kicked off a share buyback programme.

Cranswick climbed after reporting that first quarter trading was encouraging and in line with expectations as revenues were boosted by increased Chinese demand, while the business also confirmed a new acquisition.

Guarantor loans provider Amigo was also buoyant after it appointed Hamish Paton as chief executive officer, taking over from Glen Crawford.

Qinetiq racked up gains after analysts at Berenberg upgraded their recommendation for the stock from 'hold' to 'buy' as they argued that the aerospace and defence firm's first quarter results from last week showed positive momentum, leaving the potential for further upgrades later in the year.

"Indeed, this highlights a broader point: QinetiQ’s longer-term growth strategy set out three years ago is beginning to bear fruits. It is by no means the highest-growth stock we cover, with a four-year EPS CAGR of 5%, but it is high-quality and with almost £200m net cash to invest in further growth opportunities, it looks attractive again, now the shares are trading back in line with the UK defence average," said analysts.

Down at the other end of the index, Sanne Group's shares plummeted as it slashed full-year earnings and operating margin expectations after the business failed to deliver on operating efficiencies that it had highlighted back in 2018.

Sports Direct followed close behind after reports at the weekend said the sportswear retailer did not tell its auditors that it faced a £605m tax demand from Belgian authorities until Friday, the day it was due to release annual results that showed that its House of Fraser acquisition had been more expensive than anticipated.

Helal Miah, investment research analyst at The Share Centre, said: "We take the view that Sports Direct will remain in the headlines for the wrong reasons and it cannot continue to buy UK retailers at bargain basement prices and expect to turn them around when it faces an uphill battle against the changing dynamics of the UK high street. We would join calls by others in saying that corporate governance at the group needs a radical overhaul. While the share price reaches new lows, we still suggest the shares are best avoided."

Finally, Hammerson edged lower as it said net rental income fell during the first half of its trading year as rentals were impacted by an increased level High Street closures throughout Britain and Ireland.

Market Movers

FTSE 250 (MCX) 19,938.43 0.41%

FTSE 250 - Risers

TBC Bank Group (TBCG) 1,418.71p 14.23%
Cranswick (CWK) 2,808.00p 9.01%
Amigo Holdings (AMGO) 167.60p 4.36%
QinetiQ Group (QQ.) 300.80p 3.94%
Centamin (DI) (CEY) 122.60p 3.72%
Energean Oil & Gas (ENOG) 1,046.00p 2.75%
PayPoint (PAY) 962.25p 2.69%
Hikma Pharmaceuticals (HIK) 1,882.50p 2.53%
Law Debenture Corp. (LWDB) 608.99p 2.52%
Finsbury Growth & Income Trust (FGT) 950.00p 2.48%

FTSE 250 - Fallers

Sanne Group (SNN) 492.82p -34.46%
Sports Direct International (SPD) 210.00p -8.62%
Vesuvius (VSVS) 499.44p -3.68%
Woodford Patient Capital Trust (WPCT) 51.55p -3.28%
Intu Properties (INTU) 75.16p -2.89%
Aston Martin Lagonda Global Holdings (AML) 591.40p -2.12%
Morgan Advanced Materials (MGAM) 254.20p -2.08%
Wizz Air Holdings (WIZZ) 3,691.00p -2.07%
Hammerson (HMSO) 265.00p -2.03%
Entertainment One Limited (ETO) 439.42p -1.96%