FTSE 250 movers: Inmarsat on the rise again, but Rightmove slumps
London's FTSE 250 was down 0.3% to 18,589.29 in afternoon trade.
Satellite communications group Inmarsat racked up healthy gains for the second day running after Macquarie upped its stance on the stock on Thursday to 'outperform’ from 'neutral', saying it may be at an inflection point.
Macquarie said it can no longer ignore a potential takeout scenario given the strategic value of Inmarsat’s global Ka/L-band footprint, access to niche markets generating above-peer 5%+ 3-year compound annual growth rate and sizeable spectrum holdings.
Essentra was also boosted by a broker note, as Jefferies bumped up its price target to 507p from 450p, keeping the rating at 'hold'.
"We were not surprised by the market taking last week’s results statement (and lack of FY17F profits warning) well, although we did not anticipate quite such a share price reaction. Our stance on Essentra has become more supportive post results, although there are still reasons for some caution to be heeded."
Bookmaker William Hill advanced as it said group net revenue was up 1% to £1.6bn in the year to 27 December.
On the downside, Kaz Minerals, Vedanta Resources and Evraz all traded lower as industrial metals prices declined.
Property website Rightmove was under pressure despite reporting a rise in 2016 pre-tax profit to £161m from £137m, with analysts pointing to disappointment that chief executive Nick McKittrick is retiring after 16 years in the role.
Risers
Inmarsat (ISAT) 691.00p 3.75%
Essentra (ESNT) 528.50p 3.63%
TalkTalk Telecom Group (TALK) 170.40p 2.96%
Dunelm Group (DNLM) 645.00p 2.71%
OneSavings Bank (OSB) 368.70p 2.36%
IG Group Holdings (IGG) 522.00p 1.95%
Restaurant Group (RTN) 321.00p 1.90%
William Hill (WMH) 266.80p 1.87%
McCarthy & Stone (MCS) 186.80p 1.85%
Big Yellow Group (BYG) 736.00p 1.73%
Fallers
Kaz Minerals (KAZ) 512.00p -10.65%
Vedanta Resources (VED) 862.00p -7.46%
Ferrexpo (FXPO) 156.50p -5.84%
Evraz (EVR) 223.50p -5.58%
Hill & Smith Holdings (HILS) 1,110.00p -4.88%
Rightmove (RMV) 4,041.00p -4.81%
Hunting (HTG) 519.00p -4.77%
Tullow Oil (TLW) 265.00p -3.11%
Amec Foster Wheeler (AMFW) 426.50p -3.02%
International Personal Finance (IPF) 186.30p -2.97%