FTSE 250 movers: Three senior underwriters jump ship at Lancashire Holdings

Shares in Lancashire Holdings dropped to the bottom of the pile on Tuesday. After the close of trading in the previous session, the company said three more senior underwriters had jumped ship, close on the heels of the announced departure of John Hamblin, the CUO at Cathedral, in the previous week, and recent exits by its chief operating and financial officers.

Greggs capped off what ShoreCap's Darren Shirley described as a "very strong" financial year with a surge in its share price. The company confirmed like-for-like sales growth of 4.7% alongside an impressive 170 basis point improvement in its EBIT margins. Management proposed a full-year dividend of 28.6p ahead of ShoreCap's forecast for 27.6p. Shirley flagged the potential for upside risks if the trading momentum was sustained.

Valve manufacturer Rotork was one of the best performing shares on the junior index, defying some analysts' expectation for a swoon after the company's latest set of full-year results. The company's earnings per share inched past analysts' estimates but revenues were off by 12% on an organic basis, alongside a 15% fall in orders. "In view of recent news from the Oil & Gas sector, nothing in Rotork’s results came as a great surprise. We expect consensus estimates for FY16 (8.9p) to come down towards our estimate and we remain negative on the shares, pending an assessment of the seriousness of the cost initiatives to protect margins," Investec's Michael Blogg said.

Ocado continued to come under selling pressure a day after Morrison's said it was close to inking a new - and less generous - deal with the online grocer. The FT's Lex column pointed out that far from clinching a new big customer thus far had only managed to attract new competitors. Ironically, that might see a long-rumoured acquisition by Amazon.com come to frutition - once the shares had fallen further.

FTSE 250 - Risers

Greggs (GRG) 1,196.00p 15.56%
Rotork (ROR) 178.70p 12.04%
Allied Minds (ALM) 336.80p 11.49%
Serco Group (SRP) 101.80p 8.88%
Entertainment One Limited (ETO) 171.80p 8.67%
Drax Group (DRX) 246.70p 5.97%
Centamin (DI) (CEY) 97.60p 5.40%
Vesuvius (VSVS) 315.50p 5.17%
Pets at Home Group (PETS) 279.10p 4.92%
Sophos Group (SOPH) 220.90p 4.69%

FTSE 250 - Fallers

Lancashire Holdings Limited (LRE) 553.50p -6.27%
Ocado Group (OCDO) 247.00p -5.00%
International Personal Finance (IPF) 256.00p -4.44%
BGEO Group (BGEO) 1,920.00p -3.52%
St. Modwen Properties (SMP) 317.00p -3.00%
Paddy Power Betfair (PPB) 10,550.00p -2.31%
Enterprise Inns (ETI) 85.05p -2.30%
DFS Furniture (DFS) 312.10p -2.19%
Greencore Group (GNC) 373.20p -1.89%
Euromoney Institutional Investor (ERM) 891.00p -1.76%