FTSE 250 movers: Network International surges on takeover; CMC Markets falls

Network InternationalSharecast graphic / Josh White

London’s FTSE 250 was down 0.3% at 19,044.01 in afternoon trade on Friday.

CMC Markets was down after it announced the acquisition of a 33% stake in StrikeX Technologies, a customer centric blockchain solutions business. It did not provide any financial details.

Network International surged after the payments provider agreed to be taken over by Canada’s Brookfield Asset Management in a £2.2bn deal.

Under the terms of the deal, Network shareholders will be entitled to receive 400p in cash for each of their shares. This represents a premium of around 64% to the closing share price on 12 April, which was the last business day prior to the start of the offer period.

Hammerson was also a high riser after a double upgrade to ‘overweight’ at Barclays.

The bank said current management has largely done the right things.

"Post the inherited equity issuance in 2020, it has written down and continued to dispose of assets and looked to conserve cash," it said. "It was a painful transition, not helped by Covid, hence our UW rating, but we now turn more constructive and upgrade to OW, with a 30p PT."

FTSE 250 - Risers

Network International Holdings (NETW) 383.80p 5.79%
Ithaca Energy (ITH) 151.80p 3.97%
Hammerson (HMSO) 26.78p 2.84%
Harbour Energy (HBR) 252.80p 2.72%
Drax Group (DRX) 556.60p 2.09%
Abrdn Private Equity Opportunities Trust (APEO) 449.00p 2.05%
Investec (INVP) 467.70p 1.94%
Hikma Pharmaceuticals (HIK) 1,872.00p 1.82%
Ninety One (N91) 176.40p 1.44%
NCC Group (NCC) 87.50p 1.39%