FTSE 250 movers: Elementis rallies on sale; Saga hit by Goldman downgrade
London's FTSE 250 was flat at 20,058.97 in afternoon trade on Tuesday.
Elementis was the best performer as the speciality chemicals company said it has agreed to sell its Netherlands surfactants business to Kolb Distribution for €39m in cash. The deal is expected to go through in the first half 2018. The proceeds will be used for general corporate purposes and towards debt reduction.
Homeserve was also on the front foot after JPMorgan Cazenove bumped the stock up to 'overweight' from 'neutral' as it looked ahead to 2018.
Oilfield services group Petrofac traded up as it said it has been awarded a lump-sum contract worth around $800m by BP for the Phase 2 central processing facility at the Khazzan Phase 2 gas development in the Sultanate of Oman.
It also got a lift from oil prices, which were rising after Britain's Forties pipeline - which carries 40% of North Sea oil and gas - was closed for repair due to a crack.
Budget airline Wizz Air flew higher as JPMorgan lifted its price target on the overweight-rated stock to 4,100p from 3,625p.
On the downside, over-50s specialist Saga was under the cosh after Goldman Sachs downgraded the stock to 'neutral' saying the fall in its profit guidance is primarily the result of structural rather than cyclical factors and therefore the company is likely to face ongoing challenges.
Capital & Counties was in the red as Barclays started coverage of the stock at 'underweight'.
Risers
Elementis (ELM) 286.70p 3.54%
IP Group (IPO) 150.10p 3.37%
Homeserve (HSV) 806.00p 2.68%
Hikma Pharmaceuticals (HIK) 1,054.00p 2.53%
Petrofac Ltd. (PFC) 445.90p 2.51%
Mitchells & Butlers (MAB) 265.30p 2.24%
Pets at Home Group (PETS) 168.70p 1.93%
GCP Infrastructure Investments Ltd (GCP) 123.00p 1.65%
Wizz Air Holdings (WIZZ) 3,523.00p 1.64%
Alfa Financial Software Holdings (ALFA) 508.00p 1.62%
Fallers
Acacia Mining (ACA) 169.80p -4.12%
GVC Holdings (GVC) 927.50p -2.88%
Evraz (EVR) 305.10p -2.65%
Thomas Cook Group (TCG) 115.90p -2.61%
Ferrexpo (FXPO) 258.60p -2.53%
Polymetal International (POLY) 847.50p -2.31%
Ladbrokes Coral Group (LCL) 173.40p -2.25%
Saga (SAGA) 126.57p -2.19%
Capital & Counties Properties (CAPC) 263.40p -2.15%
Workspace Group (WKP) 912.00p -2.09%