LONDON (ShareCast) - Today’s profit warning, news of a £179m investment from US private equity house TPG and the resignation of its boss on health grounds sent Bradford & Bingley deep into the red.
The buy-to-let mortgage lender lost a quarter of its value after warning that it made a loss of £8m in the first four months of 2008 after write-offs and bad debts versus a £107m profit the year before.
News that fewer new mortgages were approved in April than at any time since the Bank of England began compiling figures back in 1999 sank housebuilders Barratt Developments and Taylor Wimpey.
A report from the central bank revealed that the number of loans approved for house purchase fell to 58,000 during the month, down from 63,000 in March and weaker than the 65,000 predicted by analysts.
Meanwhile, Ashtead dropped back after the Sunday Telegraph said the equipment rental firm is on the verge of selling its oil and gas technology division to a private equity firm for about £100m.
On the plus side, Imperial Energy gushed higher after it announced an oil find at the Kiev Eganskoye field in Russia, its first new oil discovery on the prospect.
Speculation that PartyGaming has reached a settlement with the US Department of Justice over possible future legal action had the online gambling group ahead Monday.
The hope is that a settlement could trigger a wave of sector consolidation, according to the FT.
FTSE 250 - Risers Imperial Energy Corporation (IEC) 1,045.00p +6.63%
PartyGaming (PRTY) 300.25p +4.80%
Fenner (FENR) 264.25p +3.53%
Game Group (GMG) 291.00p +2.92%
Edinburgh Dragon Trust (EFM) 161.25p +2.87%
ITE Group (ITE) 177.25p +2.75%
Ferrexpo (FXPO) 393.25p +2.21%
PV Crystalox Solar (PVCS) 187.00p +2.19%
Southern Cross Healthcare Group (SCHE) 420.00p +2.19%
Micro Focus International Plc (MCRO) 235.75p +1.95%
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