FTSE 250 movers: Polymetal gains but Tullow Oil drops as HSBC slashes target price
London’s FTSE 250 index was on the back foot on Thursday, down 0.6% to 17,051.89 at 1423 BST, tracking wider losses as weak Chinese and Japanese data added to concerns about an economic slowdown, while a strong US jobs report exacerbated fears of a September rate hike by the Federal Reserve.
Alent
502.50p
17:00 23/11/15
Chemicals
7,290.96
15:45 15/11/24
FTSE 250
20,508.75
15:45 15/11/24
FTSE 350
4,453.56
15:45 15/11/24
FTSE All-Share
4,411.85
15:45 15/11/24
General Retailers
4,597.92
15:44 15/11/24
Home Reit
0.00p
17:30 25/09/24
Mining
10,633.77
15:45 15/11/24
Oil & Gas Producers
8,043.72
15:45 15/11/24
Polymetal International
215.00p
16:35 31/07/23
Tullow Oil
22.10p
15:39 15/11/24
Polymetal International was the biggest gainer as the company announced that for the payment of its interim dividend of $0.08 per share for the first half, for shareholders who elected to receive the dividend in pounds, the exchange rate of $1.5380 will be used.
Chemicals group Alent rose after saying it has received anti-trust clearance from the Federal Cartel Office in Germany for its recommended offer for MacDermid Performance Acquisitions, which is a wholly-owned subsidiary of Platform Specialty Products. This followed the clearances received from the US and South Korean anti-trust authorities for the proposed acquisition.
On the downside, Tullow Oil was the standout loser after HSBC slashed its price target on the stock to 310p from 514p to reflect the bank’s lowered oil price assumptions. On 31 August, HSBC cut its Brent price assumption to $55.4 a barrel for 2015 from $62.5. For 2016-2018, the bank now expects an annual progression of $60/70/80 a barrel versus $75/90/05 previously.
Nevertheless, it said it continues to see significant upside in Tullow. It noted that the TEN project is now more than 65% complete and remains on track for first oil mid-2016.
Home Retail was also under pressure after it said like-for-like sales at Argos fell 2.8% to £897m in the second quarter due to a drop in sales of electrical goods driven by TVs, tablets and white goods. Total Argos sales fell 0.4%. LFL sales at Homebase grew 5.9% to £378m in the quarter, boosted by stock clearance sales, but overall sales actually fell 2.8% due to store closures.
Risers
Polymetal International (POLY) 518.50p +4.39%
Rank Group (RNK) 264.40p +2.32%
BTG (BTG) 658.00p +1.94%
Telecom Plus (TEP) 1,105.00p +1.94%
Just Retirement Group (JRG) 191.90p +1.86%
Vedanta Resources (VED) 517.00p +1.77%
Phoenix Group Holdings (DI) (PHNX) 852.50p +1.67%
Alent (ALNT) 490.00p +1.60%
Bellway (BWY) 2,582.00p +1.57%
PayPoint (PAY) 1,035.00p +1.47%
Fallers
Tullow Oil (TLW) 192.40p -7.37%
Premier Oil (PMO) 83.70p -7.36%
Lonmin (LMI) 23.54p -7.21%
Entertainment One Limited (ETO) 270.00p -5.50%
Home Retail Group (HOME) 141.20p -5.04%
Petrofac Ltd. (PFC) 825.50p -4.51%
Evraz (EVR) 70.65p -4.40%
Kaz Minerals (KAZ) 163.20p -3.43%
Amec Foster Wheeler (AMFW) 768.50p -3.39%
Drax Group (DRX) 264.10p -3.33%