FTSE 250 movers: PureTech leaps, Equiniti slides

London's FTSE 250 was up by 0.99% at 20,642.46 in afternoon trade on Tuesday, with PureTech Health leading the way higher.

The company surged after shares of US biopharmaceutical company Karuna Therapeutics - in which it owns a 32% stake - rocketed during the previous session as a phase 2 trial of its schizophrenia treatment met its primary endpoint.

Analysts from Liberum said: "Importantly, the drug was remarkably well tolerated with similar discontinuation rates between placebo and drug arms. PureTech's 32% stake in Karuna is worth $130m based on the Karuna Friday closing price, but will likely be up significantly on this news."

Home repairs and improvements business Homeserve racked up strong gains after posting a rise in interim revenue and announced the acquisition of a controlling stake in US-based home experts business eLocal for around $140m.

Spectris climbed after reporting that its like-for-like sales for the four months ended 31 October had kept pace with tough comparatives from last year.

Cobham shares rallied as the British government looked set to approve the London-listed defence company’s proposed acquisition by US private equity group Advent International.

On the downside, Equiniti tumbled as it warned that 2019 underlying earnings would be towards the lower end of market expectations due to weaker higher margin UK corporate activity.

Big Yellow was in the red as it reported a slow start to the third quarter, while Polypipe lost ground as it said underlying operating profit for the year would be "just below" its previous expectations.

Ibstock dropped after analysts at Canaccord initiated coverage with a 'hold' rating and 260p price target, noting that a softer wider market may present some near-term earnings risk.

Market Movers

FTSE 250 (MCX) 20,642.46 0.99%

FTSE 250 - Risers

PureTech Health (PRTC) 295.00p 18.47%
Homeserve (HSV) 1,277.00p 6.59%
Spectris (SXS) 2,769.00p 6.58%
Ferrexpo (FXPO) 144.35p 5.10%
Grafton Group Units (GFTU) 860.50p 4.88%
Marks & Spencer Group (MKS) 189.70p 4.52%
Cineworld Group (CINE) 198.55p 3.95%
Cobham (COB) 160.65p 3.78%
Sanne Group (SNN) 566.00p 3.66%
Virgin Money UK (VMUK) 145.80p 3.62%