FTSE 250 movers: Kier climbs, Sirius Minerals slips

London's FTSE 250 edged up by 0.49% to 19,250.56 in afternoon trading on Tuesday, with Kier leading the index higher.

Real Estate Investment & Services

2,432.71

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0.00%

2,432.71

The construction group led the risers with something of a recovery after slumping during the previous session, when it had suspended its dividend and said it would cut about 1,200 jobs as it looks to reduce debt and deliver annual cost savings of around £55m from 2021, simplifying its portfolio by selling or substantially exiting non-core activities.

Capital & Counties climbed following reports that Canary Wharf Group was in discussions to buy a large part of its 77-acre housing development site at Earl’s Court.

Meanwhile, Telecom Plus rallied as the utility supplier reported a 4.9% increase in full-year profit to £43m.

David Madden, market analyst at CMC Markets, said: "The outlook is optimistic too as the group projects that client and services growth will be 5% and 10% respectively. Even though switching is common practice in the sector, Telecom Plus’s rate remains below the industry’s average – which is a clear sign that clients are happy with the service."

IWG crept higher after founder and chief executive Mark Dixon bought £1m of shares in the office space services company over the last two days at an average price of 334p.

Sirius Minerals was the top faller, while Primary Health Properties followed close behind after announcing the launch of a £150m offering of convertible bonds due 2025 late on Monday night, with the proceeds intended to be used to repay the company's senior unsecured bonds due 2019 and for general corporate purposes.

Plus500 was also trading lower, after a shareholder revolt at its annual meeting, with more than 20% of votes cast against the re-election of nominations committee chair Steven Baldwin and 14% cast against the re-election of chair Penelope Judd.

Finally, transport operator Go-Ahead Group was lower after Rail, Maritime and Transport (RMT) union members of its Bluestar bus firm in Hampshire began a 24-hour strike over a pay dispute.

Market Movers

FTSE 250 (MCX) 19,250.56 0.49%

FTSE 250 - Risers

Kier Group (KIE) 114.58p 6.10%
Capital & Counties Properties (CAPC) 220.30p 5.16%
Premier Oil (PMO) 72.59p 4.33%
Just Group (JUST) 55.20p 4.15%
Drax Group (DRX) 292.80p 3.32%0
Telecom Plus (TEP) 1,510.00p 3.28%
Polypipe Group (PLP) 451.20p 2.87%
Pennon Group (PNN) 777.80p 2.75%
Pets at Home Group (PETS) 181.20p 2.66%
IWG (IWG) 356.10p 2.62%