Stock Market News
FTSE 250 movers: Capita rallies as investors welcome cash call; Clarkson sinks
(WebFG News) - London's FTSE 250 was up 0.4% to 20,293.10 in afternoon trade on Monday as geopolitical tensions eased, with Capita the standout gainer.
Outsourcer Capita surged as it confirmed plans for a £701m rights issue to enable it to carry out a new strategy after a "significant deterioration" in new business wins and business volumes that will continue to weigh on profits in 2018.
Flow control manufacturer Rotork rallied after it reported a jump in first-quarter revenue and said it now expects full-year revenue to show mid to high single-digit growth over the previous year. In a trading update for the period from 1 January to 1 April 2018, Rotork said revenue rose 10.2%, with order intake up 20.9%, or 27% at organic constant currency, thanks to more favourable market trends and the receipt of several significant orders.
Engineer Weir was a high riser as RBC Capital Markets upped its price target on the stock to 2,600p from 2,400p and reiterated the 'outperform' rating.
"Both of Weir's main end markets continue to recover and the shares are at a discount to the sector - an attractive combination," it said, adding that it likes the company's $1.3bn acquisition of US rival Esco for its accretion, timing and aftermarket focus.
On the downside, shipping services provider Clarkson sank after warning that both first-half and full-year profits are now expected to be "materially below" the previous year following a number of headwinds in the first quarter.
Ferrexpo was trading lower even as Investec upgraded the stock to 'hold' from 'sell', as Credit Suisse cut its price target to 230p from 333.66p as a meeting with Vale revealed that Brazil's Samarco was likely to come back on line next year, albeit in a phased manner.
"Previously our valuation was geared towards 2018 earnings as we had confidence the company would lock in the premium for the year and we were unsure if/when Samarco would return. There is still uncertainty over Samarco but, now with more confidence than we had before, we give more credit to our 2019 earnings that incorporate a lower premium," CS said.
FTSE 250 - Risers
Capita (CPI) 178.25p 11.55%
Rotork (ROR) 328.22p 9.81%
Lancashire Holdings Limited (LRE) 598.50p 3.91%
Hikma Pharmaceuticals (HIK) 1,254.00p 3.81%
Petrofac Ltd. (PFC) 618.82p 3.21%
Weir Group (WEIR) 2,264.00p 2.86%
Bakkavor Group (BAKK) 187.00p 2.75%
Essentra (ESNT) 447.20p 2.66%
Virgin Money Holdings (UK) (VM.) 285.50p 2.59%
Vesuvius (VSVS) 593.50p 2.33%
FTSE 250 - Fallers
Clarkson (CKN) 2,525.00p -18.68%
Woodford Patient Capital Trust (WPCT) 76.11p -10.46%
Ferrexpo (FXPO) 227.90p -3.80%
Capital & Counties Properties (CAPC) 276.30p -3.56%
Vedanta Resources (VED) 723.00p -2.56%
Ted Baker (TED) 2,597.70p -2.27%
BCA Marketplace (BCA) 182.60p -2.25%
Melrose Industries (MRO) 224.10p -2.23%
Fisher (James) & Sons (FSJ) 1,708.00p -1.95%
Hochschild Mining (HOC) 216.10p -1.77%
Outsourcer Capita surged as it confirmed plans for a £701m rights issue to enable it to carry out a new strategy after a "significant deterioration" in new business wins and business volumes that will continue to weigh on profits in 2018.
Flow control manufacturer Rotork rallied after it reported a jump in first-quarter revenue and said it now expects full-year revenue to show mid to high single-digit growth over the previous year. In a trading update for the period from 1 January to 1 April 2018, Rotork said revenue rose 10.2%, with order intake up 20.9%, or 27% at organic constant currency, thanks to more favourable market trends and the receipt of several significant orders.
Engineer Weir was a high riser as RBC Capital Markets upped its price target on the stock to 2,600p from 2,400p and reiterated the 'outperform' rating.
"Both of Weir's main end markets continue to recover and the shares are at a discount to the sector - an attractive combination," it said, adding that it likes the company's $1.3bn acquisition of US rival Esco for its accretion, timing and aftermarket focus.
On the downside, shipping services provider Clarkson sank after warning that both first-half and full-year profits are now expected to be "materially below" the previous year following a number of headwinds in the first quarter.
Ferrexpo was trading lower even as Investec upgraded the stock to 'hold' from 'sell', as Credit Suisse cut its price target to 230p from 333.66p as a meeting with Vale revealed that Brazil's Samarco was likely to come back on line next year, albeit in a phased manner.
"Previously our valuation was geared towards 2018 earnings as we had confidence the company would lock in the premium for the year and we were unsure if/when Samarco would return. There is still uncertainty over Samarco but, now with more confidence than we had before, we give more credit to our 2019 earnings that incorporate a lower premium," CS said.
FTSE 250 - Risers
Capita (CPI) 178.25p 11.55%
Rotork (ROR) 328.22p 9.81%
Lancashire Holdings Limited (LRE) 598.50p 3.91%
Hikma Pharmaceuticals (HIK) 1,254.00p 3.81%
Petrofac Ltd. (PFC) 618.82p 3.21%
Weir Group (WEIR) 2,264.00p 2.86%
Bakkavor Group (BAKK) 187.00p 2.75%
Essentra (ESNT) 447.20p 2.66%
Virgin Money Holdings (UK) (VM.) 285.50p 2.59%
Vesuvius (VSVS) 593.50p 2.33%
FTSE 250 - Fallers
Clarkson (CKN) 2,525.00p -18.68%
Woodford Patient Capital Trust (WPCT) 76.11p -10.46%
Ferrexpo (FXPO) 227.90p -3.80%
Capital & Counties Properties (CAPC) 276.30p -3.56%
Vedanta Resources (VED) 723.00p -2.56%
Ted Baker (TED) 2,597.70p -2.27%
BCA Marketplace (BCA) 182.60p -2.25%
Melrose Industries (MRO) 224.10p -2.23%
Fisher (James) & Sons (FSJ) 1,708.00p -1.95%
Hochschild Mining (HOC) 216.10p -1.77%
Related share prices |
---|
Weir Group (WEIR) share price |
Ferrexpo (FXPO) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price