FTSE 250 movers: Inmarsat rockets but Games Workshop drops on update
London's FTSE 250 was flat at 21,153.64 in afternoon trade on Friday.
Inmarsat was the standout gainer on takeover speculation, sending the shares shooting up 13.5%.
And just after the close the company confirmed that it has received and rejected a "highly preliminary" and takeover proposal from US satellite giant Echostar Corporation.
Victrex was in the black after being upgraded to 'buy' from 'neutral' at UBS, which upped its price target to 3,300p from 2,550p.
Ocado was on the front foot again after it emerged earlier in the week that US grocery giant Kroger - its fifth largest shareholder - has upped its holding in the company to 6.1% from 5%, prompting speculation that it's looking to take the group over.
Ocado announced in May that it had struck a deal with Kroger, which gets exclusive use of its technology.
Capita rallied as RBC Capital Markets upped the stock to ‘outperform’ from ‘sector perform’ and lifted the price target on the outsourcer to 200p from 185p.
"On balance, with financial leverage concerns now addressed, a credible turnaround plan introduced and the risk of negative news flow low, the shares should outperform in the near term," it said.
Auto Trader gained ground a day after results as Berenberg upgraded it to 'hold' from 'sell' saying risks appear to be better understand and expectations are more reasonable.
The bank said it has been cautious on the company’s medium-term growth and profitability levels for some time. While many of its concerns remain, mostly with regards to the outlook for the used car market and the impact from competition, both consensus expectations and valuation multiples have reduced over recent months.
On the downside, Games Workshop slid after saying that it expects sales for the year to be around £219m, with a pre-tax profit of no less than £74m and royalties receivable of licensing at around £10m.
Kaz Minerals was under the cosh after announcing that Non Ferrous China has agreed to invest $70m into its Koksay project, giving it a 19.4% stake. The stock was likely being hit by a downgrade to ‘neutral’ at JPMorgan.
FTSE 250 - Risers
Inmarsat (ISAT) 441.50p 5.72%
Victrex plc (VCT) 3,026.00p 4.34%
Ocado Group (OCDO) 995.00p 4.12%
Capita (CPI) 155.60p 3.70%
Woodford Patient Capital Trust (WPCT) 76.57p 3.47%
BCA Marketplace (BCA) 209.50p 3.46%
Stobart Group Ltd. (STOB) 239.84p 2.93%
Ultra Electronics Holdings (ULE) 1,599.00p 2.57%
Auto Trader Group (AUTO) 394.60p 2.49%
McCarthy & Stone (MCS) 133.20p 2.07%
FTSE 250 - Fallers
Games Workshop Group (GAW) 2,745.00p -10.00%
Kaz Minerals (KAZ) 1,008.50p -6.27%
Hochschild Mining (HOC) 205.30p -5.61%
Centamin (DI) (CEY) 123.51p -2.40%
Kier Group (KIE) 976.50p -2.15%
Petrofac Ltd. (PFC) 575.40p -2.01%
JPMorgan Emerging Markets Inv Trust (JMG) 847.00p -1.97%
Investec (INVP) 559.00p -1.86%
Genesis Emerging Markets Fund Ltd Ptg NPV (GSS) 693.00p -1.84%
Edinburgh Dragon Trust (EFM) 374.22p -1.78%