FTSE 250 movers: Woodford bounces back, Ted Baker squeezed
London's FTSE 250 was 0.12% higher at 19,332.81 in afternoon trading on Tuesday, as Woodford Patient Capital Trust, the listed fund run by Neil Woodford, led the index higher.
The fund staged a strong recovery after Woodford attempted to reassure investors that the suspension of his flagship fund, the Woodford Equity Income Fund, had not affected its "operational performance".
Its share price fell by 20% during the previous week as investors balked at the investment trust's decision to suspend redemptions from the fund.
Miners Kaz Minerals and Ferrexpo were among the top gainers amid rising copper and iron ore prices, with the sector having been bolstered by signs that more government stimulus may be on its way in China.
Stobart Group climbed after the UK High Court refused an appeal from former boss Andrew Tinkler, who claimed that he had been unlawfully removed from the infrastructure and support services company.
Meanwhile, Aston Martin Lagonda was higher after showing off its new DBX SUV, the first of which is expected to roll off the production line at the car manufacturer's new factory in South Wales in the first half of 2020.
At the other end of the pitch, Ted Baker's shares tumbled after the fashion retailer warned on profits amid "extremely difficult trading conditions", with pre-tax profit for the year to January 2020 now expected to come in between £50m and £60m versus consensus of around £70m.
David Madden, market analyst at CMC Markets UK, said: "The fashion house fell into the trap of offering high levels of promotions. For many firms in the retail sector it is a race to the bottom in terms of price, and the customer wins, while the investor suffers. The share price dropped to a level not seen since December 2012, and that underlines the sour investor sentiment."
Finally, Stagecoach dropped after analysts at Liberum cut the stock's price target from 165p to 135p, stating that a lack of clear cut growth prospects limits the upside potential of the transport operator's return to being a bus-focused business.
Market Movers
FTSE 250 (MCX) 19,332.81 0.12%
FTSE 250 - Risers
Woodford Patient Capital Trust (WPCT) 62.63p 6.16%
Kaz Minerals (KAZ) 569.80p 5.75%
Games Workshop Group (GAW) 4,942.00p 4.04%
Kier Group (KIE) 167.30p 3.85%
Weir Group (WEIR) 1,567.50p 3.74%
Stobart Group Ltd. (STOB) 107.20p 3.47%
Playtech (PTEC) 442.24p 3.35%
Aston Martin Lagonda Global Holdings (AML) 1,055.75p 3.20%
Ferrexpo (FXPO) 258.70p 2.74%
Synthomer (SYNT) 369.20p 2.56%
FTSE 250 - Fallers
Ted Baker (TED) 967.50p -28.12%
Funding Circle Holdings (FCH) 246.00p -5.20%
Entertainment One Limited (ETO) 376.00p -4.71%
Just Group (JUST) 49.14p -4.58%
Stagecoach Group (SGC) 126.00p -3.74%
Metro Bank (MTRO) 604.50p -3.51%
Provident Financial (PFG) 504.80p -2.92%
Derwent London (DLN) 3,184.00p -2.69%
Syncona Limited NPV (SYNC) 236.50p -2.67%
McCarthy & Stone (MCS) 134.15p -2.58%