FTSE 250 movers: Clarkson in choppy waters while Hill & Smith recovers
London's second-tier index was flat at 20,569.44 in afternoon trade on Tuesday.
Clarkson was the top faller in afternoon trading, swinging back after a sharp rise following the release of its interim results on Monday.
The shipping firm had reported a tough first quarter and a weaker dollar contributing to an 18% drop in pre-tax profits to £18.0m and a 3% year-on-year reduction in revenues to £152.6m.
Independent oil and gas exploration and development Cairn Energy also dropped after Investec downgraded its recommendation from 'buy' to 'hold' with a target price of 225p.
High street greetings card retailer Card Factory saw its shares drop after Berenberg downgraded its recommendation to 'sell' with a target price of 150p following the release of last week's profit warning.
The broker argued that the retailer will need to increase prices in order to achieve forecasted growth but stated that this would be harder for Card Factory given its focus on the value end of the market.
"We believe trading will continue to be subdued for the rest of the year, and are also concerned about its dependence on its Q4 trading period in order to meet this new guidance," said the broker.
Thomas Cook, which has links to Turkey through flights and holiday packages, saw its shares continue to fall amid uncertainty surrounding the country, despite markets being calmer following the steadying of the Turkish lira.
Hill & Smith was the day's big riser as shares rallied after consistently dropping since the release of its poor first-half results last week, in which the company reported falling profits following bad weather and project delays.
Elsewhere, plastic piping and ventilation systems manufacturer Polypipe advanced on the back of a resilient first-half performance after negotiating what it called "mixed market conditions and adverse weather".
The firm reported revenue of £210.2m for the six months ended 30 June, up from £210m in the same period of 2017, but its profit before tax saw a slight 1% dip to £30.1m.
Following the release of the results, Numis reiterated its 'add' recommendation with a target price of 450p.
Esure received another boost on Tuesday as it agreed to be bought by private equity firm Bain Capital for 280p a share in cash, or approximately £1.2bn. The insurer also posted a drop in first-half pre-tax profit, partly on the back of adverse weather-related claims costs.
A Berenberg upgrade to 'buy' with a target price of 315p resulted in a jump for shares in Elementis, with the broker saying the firm is undervalued and the market is assuming the worst as far as its acquisition of Mondo Minerals is concerned.
"While we agree that the deal is at best value neutral, we i) doubt it will complete if the company has been forced to go as far as to highlight investors’ concerns publicly, and ii) believe that Elementis is undervalued under all scenarios," it said .
Meanwhile insulation, roofing, commercial interiors supplier SIG benefited as Liberum reiterated its buy rating for shares in the company with a target price of 157p.
FTSE 250 - Risers
Hill & Smith Holdings (HILS) 1,123.00p 8.61%
Polypipe Group (PLP) 377.40p 6.31%
Bank of Georgia Group (BGEO) 1,666.00p 4.58%
Elementis (ELM) 267.40p 4.53%
esure Group (ESUR) 277.44p 3.83%
IP Group (IPO) 124.60p 3.49%
RHI Magnesita N.V. (DI) (RHIM) 5,150.00p 3.00%
Spire Healthcare Group (SPI) 163.90p 2.12%
SIG (SHI) 123.20p 1.99%
Entertainment One Limited (ETO) 349.60p 1.92%
FTSE 250 - Fallers
Clarkson (CKN) 2,570.00p -6.72%
Cairn Energy (CNE) 238.68p -4.22%
Card Factory (CARD) 180.10p -4.20%
TBC Bank Group (TBCG) 1,558.00p -2.87%
Capita (CPI) 135.55p -2.80%
Kaz Minerals (KAZ) 610.60p -2.71%
Thomas Cook Group (TCG) 83.10p -2.58%
FDM Group (Holdings) (FDM) 959.00p -2.54%
NewRiver REIT (NRR) 262.34p -2.48%
Premier Oil (PMO) 119.50p -2.13%