FTSE 250 movers: Aston Martin tanks; Virgin Money rallies

dl aston martin lagonda car manufacturer maker carmaker vehicles ftse 250 min — Aston MartinCompany photo / Aston Martin Lagonda

London’s FTSE 250 was down 2.3% at 18,592.73 in afternoon trade on Thursday.

Aston Martin tumbled following a report it is seeking to raise funds to safeguard its future, wanting to significantly strengthen its financial position as it ramps up investment for its next-generation platforms and future electrification strategy.

According to Autocar, the move comes as a result of the company’s ongoing struggles to balance its books as it juggles its cash reserves and income from sales against development costs of new vehicles and debt repayments.

It was understood that the fundraising could include bringing in a significant new investor, potentially offering a position on the company’s board as an inducement for a holding that could be valued at more than £200m.

Airlines Wizz Air and easyJet were also under the cosh.

Virgin Money gained as it launched a £75m share buyback programme. It was also boosted by an upgrade to ‘overweight’ at Barclays.

FTSE 250 - Risers

Jlen Environmental Assets Group Limited NPV (JLEN) 122.40p 2.34%
Virgin Money UK (VMUK) 130.15p 1.48%
Genus (GNS) 2,474.00p 1.39%
Victrex plc (VCT) 1,751.00p 1.21%
NB Private Equity Partners Ltd. (NBPE) 1,485.00p 0.34%
Spirent Communications (SPT) 247.80p 0.32%
The Renewables Infrastructure Group Limited (TRIG) 135.00p 0.30%
Syncona Limited NPV (SYNC) 202.00p 0.25%
HarbourVest Global Private Equity Limited A Shs (HVPE) 2,130.00p 0.24%
ContourGlobal (GLO) 252.00p 0.20%