FTSE 250 movers: TP ICAP jumps while Burberry drops
The FTSE 250 was trading more or less flat on Tuesday afternoon, with gains from TP ICAP and Pennon offset by falls by Burberry and Close Brothers.
Interdealer broker TP ICAP jumped nearly 6% after reporting record third-quarter revenue following strong performances in its Global Broking and Liquidnet businesses. In the three months to the end of September, group revenue rose 10% to £557m.
Water group Pennon was on the rise as Citi and JPMorgan Cazenove made positive comments on the outlook ahead of Ofwat’s Final Determinations next month. Citi in particular upgraded its rating on Pennon to ‘overweight’ from ‘neutral’ as it argued the market already discounts balance sheet and environmental performance headwinds the company faces.
Also higher was International Workplace Group after the office developer reported increased revenues for the third quarter alongside robust expansion in its managed and franchised segment.
Burberry led the fallers, pulling back sharply after jumping the previous session on the back of rumours that Italian luxury fashion group Moncler could launch a takeover offer for the British counterpart following a sharp decline in its share price this year. However, a Moncler spokesperson cited by numerous outlets labelled the reports "unsubstantiated".
RBC Capital Markets cut its price target on shares of Close Brothers 425p from 435p and added a "speculative risk" qualifier to its rating as it assessed the impact of premium finance. The bank said that if the Supreme Court upholds the Hopcraft judgement applying a broad interpretation, motor finance litigation could spread to other products like premium finance.
Hilton Food edged lower despite saying it traded in line with management expectations in the third quarter amid a continued strong performance across all three geographical operating regions.
FTSE 250 - Risers
TP Icap Group (TCAP) 240.50p 5.71%
Ithaca Energy (ITH) 103.20p 4.98%
Pennon Group (PNN) 561.00p 4.08%
International Workplace Group (IWG) 167.00p 3.66%
Aston Martin Lagonda Global Holdings (AML) 121.30p 3.23%
Senior (SNR) 139.00p 2.66%
TBC Bank Group (TBCG) 2,880.00p 2.13%
Hochschild Mining (HOC) 236.50p 1.94%
Bank of Georgia Group (BGEO) 4,340.00p 1.88%
Fidelity China Special Situations (FCSS) 220.00p 1.85%
FTSE 250 - Fallers
Burberry Group (BRBY) 814.00p -4.35%
Auction Technology Group (ATG) 453.00p -3.62%
Genus (GNS) 2,015.00p -2.42%
Close Brothers Group (CBG) 220.40p -2.39%
Ocado Group (OCDO) 349.60p -2.29%
Dr. Martens (DOCS) 55.60p -2.11%
Paragon Banking Group (PAG) 677.50p -2.02%
Harworth Group (HWG) 172.50p -1.99%
Foresight Group Holdings Limited NPV (FSG) 450.00p -1.75%
PZ Cussons (PZC) 81.10p -1.70%