FTSE 250 movers: Funding Circle spiralling lower, TBC Bank climbs

The peer-to-peer lending marketplace was the top faller for a third consecutive session as it slashed expected returns for UK retail investors after raising its estimate of defaults on US and UK loans made in 2017 and 2018.

Acacia Mining dropped as its first quarter gold production fell 13% year on year to 104,899 ounces, but still expected to meet full year guidance of of 500,000 to 550,000 ounces.

Ex-dividends weighed on London's equity markets, with William Hill and Petrofac both in the frame.

Over-50s specialist Saga fell after Peel Hunt slashed its price target to 110p from 180p, cutting earnings per share estimates to account for pricing cuts and the company's investment in growing the customer base.

"We remain disappointed with Saga's lack of strategic execution, but believe the priorities are finally rightly set. There remains long-term value in the business; albeit on a discounted basis," said a note from the broker.

Housebuilder Redrow was also down, after Shore Capital downgraded the stock from 'buy' to 'hold' in a note that saw the broker warn that "the risk of shocks and surprises" from weaker house prices was being underestimated.

Amigo Holdings edged lower after Shore Capital downgraded its recommendation to 'hold' from 'buy' following the surprise departure of the company's chief executive and a recent rally in the share price.

TBC Bank was the top riser, with Sirius Minerals following close behind as it signed a major new European supply and distribution agreement, while bus and rail operator Stagecoach was on the way up after it announced plans to buy back up to £60m shares.

Graduate and veteran recruitment outfit FDM Group reported a jump in first-quarter revenues on Thursday as it said it's on track to meet expectations for the year, while aerospace engineering firm Meggitt rallied as it reported a 9% jump in first-quarter organic revenue.

Market Movers

FTSE 250 (MCX) 19,906.64 -0.44%

FTSE 250 - Risers

TBC Bank Group (TBCG) 1,580.00p 3.67%
Sirius Minerals (SXX) 21.70p 3.43%
Stagecoach Group (SGC) 118.83p 2.88%
Millennium & Copthorne Hotels (MLC) 448.00p 2.28%
FDM Group (Holdings) (FDM) 984.99p 2.18%
Aston Martin Lagonda Global Holdings (AML) 1,000.80p 2.12%
Meggitt (MGGT) 534.80p 2.02%
Babcock International Group (BAB) 522.60p 1.59%
BBA Aviation (BBA) 268.00p 1.52%
Morgan Advanced Materials (MGAM) 278.80p 1.38%

FTSE 250 - Fallers

Funding Circle Holdings (FCH) 249.00p -11.07%
Acacia Mining (ACA) 148.61p -7.64%
Indivior (INDV) 40.62p -5.53%
William Hill (WMH) 161.50p -4.55%
Saga (SAGA) 58.75p -3.53%
Redrow (RDW) 610.00p -3.33%
Essentra (ESNT) 427.40p -3.30%
Sabre Insurance Group (SBRE) 276.50p -3.15%
Amigo Holdings (AMGO) 246.00p -2.96%
Petrofac Ltd. (PFC) 474.00p -2.85%