Shares in specialty insurance group Lancashire Holdings sank today as the group revealed that the combination of a number of energy losses and developments, the European hail and flood events, and adverse developments on the Costa Concordia maritime loss had resulted in a full-year loss.
In the 12 months ended December 31st, the group recorded a pre-tax profit of $218.1m, down from $236.8m a year earlier. Total net revenue for the period rose to $642.6m from $639.6m in 2012, but was offset by higher net insurance losses and expenses. Diluted earnings per share fell to $1.17, from $1.29 a year earlier.
Data centre services group Telecity continued to decline one day after it predicted 2014 revenue would be below that forecast by analysts following a good set of results for 2013.
African Barrick Gold extended yesterday's gains, lifted by Deutsche Bank's decision to up its price target on the stock following the group's strong production figures released Wednesday. Westhouse Securities yesterday upgraded its rating on the stock from 'sell' to 'neutral', and highlighted its confidence in full-year production guidance for 2014.
IP Group climbed on the news it has raised £100m following a placing, open offer and subscription for 60.6m shares. The group said demand for the shares
had been "significantly" above its initial proposal, and consequently increased the amount raised from the originally planned £75m.
Also heading higher was film and television content company Entertainment One, which today logged a 56% revenue increase for the 10-month period to January 31st after a strong performance in both Film and Television.
Ground engineering specialist Keller Group rose following the announcement it has been awarded a contract to work on the City of Seattle's Elliott Bay seawall project. The £25m deal involves the repair and replacement of a large section of seawall along Seattle's downtown waterfront.
Morgan Advanced Materials rose despite a decline in profits after raising its dividend by 5% to 10.5p per share.
FTSE 250 - Risers
African Barrick Gold (ABG) 266.00p +5.56%
IP Group (IPO) 196.00p +4.81%
Entertainment One Limited (ETO) 334.80p +2.54%
Keller Group (KLR) 1,218.00p +2.35%
Morgan Advanced Materials (MGAM) 317.80p +1.73%
Euromoney Institutional Investor (ERM) 1,273.00p +1.52%
Dunelm Group (DNLM) 898.00p +1.47%
AL Noor Hospitals Group (ANH) 850.50p +1.43%
Merlin Entertainments (MERL) 360.30p +1.38%
Rotork (ROR) 2,553.00p +1.31%
FTSE 250 - Fallers
Lancashire Holdings Limited (LRE) 718.00p -4.90%
Cairn Energy (CNE) 191.50p -4.06%
Ladbrokes (LAD) 145.80p -3.57%
Moneysupermarket.com Group (MONY) 173.10p -3.03%
Senior (SNR) 290.00p -3.01%
Evraz (EVR) 84.00p -2.89%
Lonmin (LMI) 320.40p -2.64%
Telecity Group (TCY) 643.00p -2.58%
Wood Group (John) (WG.) 668.00p -2.27%
Centamin (DI) (CEY) 50.25p -2.24%