FTSE 250 movers: Bookies battered but QinetiQ jumps on acquisition
London's FTSE 250 was down 0.3% to 20,253.14 in afternoon trade on Tuesday, with bookies under the cosh.
William Hill, GVC Holdings and 888 Holdings were all weaker following a report that a move to cut the maximum stake on gambling machines to £2 is set to be announced within weeks. According to the Times, Chancellor Philip Hammond is understood to have accepted expert recommendations that stakes for fixed-odd betting terminals should be reduced to £2.
Accendo Markets analyst Mike van Dulken said: "This would be even more onerous than the UK Gambling Commission’s 19 March recommendations of a £2 slots stake limit, a '£30 or lower' non-slot limit, along with player tracking and limits on both games per session and player."
Superdry and Card Factory were knocked lower as Liberum downgraded its stance on both stocks to 'hold' from 'buy'.
On Superdry, it said: "We acknowledge the potential further runway for global growth, but our caution remains around how the group is attempting to capture this, with a strong capex focus on space expansion within Europe."
As far as Dixons is concerned, the brokerage said the downgrade followed a jump of around 20% in the share price since the first-half results in December. "Absent other news flow, the June prelims should provide material to reassess," it said.
Vectura was in the red after Japan's Sosei Group responded to press speculation and confirmed it does not plan to make an offer for the inhaler drugs maker.
On the upside, defence technology group QinetiQ was a high riser after it agreed to buy German airborne training services provider EIS Aircraft Operations, currently part of EIS Aircraft Group, for €70m. Aircraft Operations delivers threat representation and operational readiness for military customers. In the year to the end of December 2017, it generated revenue of €20.1m and earnings before interest, tax, depreciation and amortisation of €5.4m.
FTSE 250 - Risers
Purecircle Limited (DI) (PURE) 394.50p 5.20%
QinetiQ Group (QQ.) 235.90p 4.75%
Sirius Minerals (SXX) 29.64p 3.13%
Assura (AGR) 59.20p 2.07%
Ferrexpo (FXPO) 240.30p 2.04%
Herald Investment Trust (HRI) 1,264.50p 1.98%
Sports Direct International (SPD) 398.30p 1.84%
Tullow Oil (TLW) 237.60p 1.80%
Charter Court Financial Services Group (CCFS) 321.05p 1.76%
PZ Cussons (PZC) 248.60p 1.72%
FTSE 250 - Fallers
William Hill (WMH) 296.00p -11.93%
GVC Holdings (GVC) 898.06p -7.51%
Superdry (SDRY) 1,510.00p -5.03%
Spire Healthcare Group (SPI) 228.80p -4.27%
Euromoney Institutional Investor (ERM) 1,254.00p -3.98%
Card Factory (CARD) 232.00p -3.49%
888 Holdings (888) 273.96p -3.13%
Thomas Cook Group (TCG) 119.30p -2.85%
Playtech (PTEC) 801.60p -2.69%
Dunelm Group (DNLM) 562.50p -2.68%