FTSE 250 movers: Aldermore and Provident rocket on takeover talk, trading update
The FTSE 250 was flat in late afternoon trading at the end of the week, as it pared losses amidst a rise in value of the pound.
Aldermore Group
n/a
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Banks
3,996.57
17:09 24/04/24
FTSE 250
19,719.37
17:09 24/04/24
FTSE 350
4,419.71
17:09 24/04/24
FTSE All-Share
4,374.06
16:44 24/04/24
Banking firm Aldermore Group was having the most profitable day after it rocketed more than 18% on reports that it would be the subject of a takeover bid from South African company FirstRand.
As of 14:28, the bank's shares were trading 18.32% higher at 302.9p, after it said it was in talks with FirstRand for a potential £1bn deal.
Another lender that was moving higher on Friday was Provident Financial Group, with its stock 12% higher after it claimed to have staunched the blood flow caused by two profit warnings this year. It said in a trading update that its doorstep lending business had stemmed losses and "prevented any further deterioration in performance".
"Bit surprised by the rally being so strong but I suppose there are signs of stability - it's just such an unknown right now I'd not be betting the farm on recovery. It was clearly attractive at yesterday's closing price for sure given no profits warning but unlikely to reach £30 again for a long time and risks are high that a) recovery doesn't work, b) FCA crucifies it," Neil Wilson from ETX Capital mused when queried by Digital Look about his take on the news.
Ashmore Group was also on the up, as the emerging markets specialist reported assets under management to have increased $6.3bn during the first half of 2017.
Man Group had a similar rise after it said funds under management had increased to $103.5bn as of September 30.
On the other end of the line, TalkTalk was adversely affected by a downgrade from analysts at Barclays. The UK broker cut the telecoms company to 'equal-weight' from 'overweight' on concerns that it had limited room to improve earnings.
Similarly, Credit Suisse downgraded shares of waste management firm Renewi to 'neutral' with a target price of 105p, sending the share price down by around 4%.
Food delivery service Just Eat was among those which faltered at the end of the week when social media giant Facebook announced it would begin to start taking food orders in the US.
FTSE 250 - Risers
Aldermore Group (ALD) 303.20p 18.44%
Provident Financial (PFG) 901.50p 14.26%
Ashmore Group (ASHM) 375.80p 6.40%
Virgin Money Holdings (UK) (VM.) 287.60p 4.96%
OneSavings Bank (OSB) 395.20p 4.30%
Ferrexpo (FXPO) 289.80p 4.02%
Man Group (EMG) 186.50p 3.61%
Tullow Oil (TLW) 190.50p 3.48%
Brown (N.) Group (BWNG) 341.00p 3.11%
Capita (CPI) 570.00p 2.61%
FTSE 250 - Fallers
TalkTalk Telecom Group (TALK) 204.00p -6.42%
Renewi (RWI) 99.05p -5.12%
Senior (SNR) 281.50p -3.20%
Inmarsat (ISAT) 631.00p -2.47%
Sophos Group (SOPH) 579.50p -2.36%
IWG (IWG) 325.10p -2.20%
Cobham (COB) 143.80p -2.18%
Electrocomponents (ECM) 694.50p -2.05%
UK Commercial Property Trust (UKCM) 87.10p -1.91%
Just Eat (JE.) 735.00p -1.87%