FTSE 250 movers: EasyJet tumbles after rejecting bid approach; IP Group jumps
London’s FTSE 250 was down 0.2% at 23,790.48 in afternoon trade on Thursday.
EasyJet slumped after saying it would raise £1.2bn in a rights issue to strengthen its balance sheet and announcing that it had rejected a takeover approach reported to be from rival Wizz Air.
Animal genetics company Genus slid after it reported a jump in full-year profit and revenue as it continued to win new customers, but warned that recent volatility in the Chinese porcine market will dent growth.
888 Holdings was weaker after the gambling company said it had won the race to buy the non-US international business of William Hill from Caesars Entertainment for £2.2bn.
IP Group was sitting pretty at the top of the index after portfolio company Oxford Nanopore announced plans to list on the London Stock Exchange.
Grainger was among the top performers after Berenberg lifted its price target on the residential landlord to 375p from 350p.
Computacenter advanced after it posted a jump in interim profit but cautioned that shortages of electric components are set to last until "well into" 2022.
ConvaTec was also on the front foot after JPMorgan upgraded its stance on shares of the medical products company to ‘overweight’ from ‘neutral’ and lifted the price target to 272p from 229p as it pointed to an attractive entry point.
Hays gained after Barclays upgraded the shares to ‘overweight’ from ‘equalweight’ and hiked the price target to 195p from 120p as it argued that the market is underestimating the recruiter’s growth potential.
FTSE 250 - Risers
IP Group (IPO) 151.40p 2.99%
Pagegroup (PAGE) 634.00p 2.92%
Grainger (GRI) 328.00p 2.50%
Computacenter (CCC) 3,054.00p 2.41%
Convatec Group (CTEC) 226.70p 1.98%
Hays (HAS) 168.10p 1.94%
Volution Group (FAN) 551.00p 1.85%
Biffa (BIFF) 388.00p 1.84%
Vistry Group (VTY) 1,180.00p 1.77%
Morgan Sindall Group (MGNS) 2,600.00p 1.56%
FTSE 250 - Fallers
easyJet (EZJ) 700.80p -11.18%
Genus (GNS) 5,395.00p -8.56%
Cineworld Group (CINE) 62.34p -5.32%
Mitchells & Butlers (MAB) 267.60p -4.77%
Moonpig Group (MOON) 365.60p -3.94%
888 Holdings (888) 387.20p -3.73%
SSP Group (SSPG) 256.80p -3.28%
Inchcape (INCH) 841.00p -3.11%
Wood Group (John) (WG.) 228.40p -3.06%
Restaurant Group (RTN) 119.40p -2.93%