Stock Market News
FTSE 250 movers: Metro Bank and Tullow lead the decline
(WebFG News) - London's mid cap FTSE 250 index was sent lower on Wednesday, dragged down by falls for Metro Bank, Tullow Oil and a gloomy mood wafting over from Wall Street.
Metro Bank led the decline, with the lender and safety deposit box operator's shares falling to their lowest level in more than a year after a mixed set of first-quarter results.
Although deposits grew 41% as lending and customer numbers grew, Metro's levels of capital concerned analysts and investors, sparking worries that it may have to drum up new funds. Common equity Tier 1 capital, a key measure of capital strength, fell 1.7 percentage points to 13.6% of its risk-weighted assets as at the end of March. Investec predicted that CET1 would fall to 11.4% by the end of the year unless the bank raised some new cash.
Meanwhile, the Daily Mail was reporting on "shareholder outrage" as Metro's billionaire founder Vernon Hill has handed £21m to his wife's Inter Arch firm for branding and designing Metro branches, very similar to the reason the newspaper reports Hill was "hounded out" of his US business Commerce Bancorp.
Tullow Oil was down despite a pretty positive trading update that highlighted "strong progress" so far this year at its West African operations that means full year production guidance was unchanged. Shares in the group have historically been very closely linked to the oil price due to its huge debts, and reflected crude oil prices dropping back overnight. Net debt incidentally was down to $3.4bn from $3.5bn at the year end.
Shipping broker Clarkson fell further as investors continues to exit following the profit warning a day earlier.
Eastern European outfits were not faring well, with Ukraine-based Ferrexpo and Georgian bank TBC Bank both lower. The latter in spite of Fitch Ratings revising the outlook on the bank's subsidiary to "positive", saying the risk profile and financial metrics should benefit from the improving operating environment in Georgia.
Elementis was down a day ahead of a scheduled trading statement from the chemicals group.
Going the right way were shares in Capita, leading the risers as the outsourcer's plans to raise £701m in a fully underwritten rights issue continued to gain support from traders.
The rise follows an emergency debate in the House of Commons where into the future of Capita, where Cabinet Office minister Oliver Dowden assured that the rights issue proceeded as planned and that Capita "is not another Carillion".
FTSE 250 - Risers
Capita (CPI) 186.25p 5.05%
JD Sports Fashion (JD.) 389.30p 1.83%
Capital & Counties Properties (CAPC) 278.00p 1.65%
Bakkavor Group (BAKK) 186.00p 1.64%
Euromoney Institutional Investor (ERM) 1,284.00p 1.58%
Tate & Lyle (TATE) 568.40p 1.54%
William Hill (WMH) 297.80p 1.50%
Inmarsat (ISAT) 364.70p 1.33%
Redrow (RDW) 625.00p 1.13%
RDI Reit (RDI) 36.65p 1.10%
FTSE 250 - Fallers
Metro Bank (MTRO) 3,290.00p -6.48%
Tullow Oil (TLW) 227.10p -4.86%
Clarkson (CKN) 2,425.00p -4.53%
Equiniti Group (EQN) 276.00p -4.17%
Ferrexpo (FXPO) 231.10p -4.11%
Vedanta Resources (VED) 716.60p -3.94%
TBC Bank Group (TBCG) 1,784.00p -3.67%
Renishaw (RSW) 4,704.00p -3.49%
Elementis (ELM) 283.40p -3.41%
Wizz Air Holdings (WIZZ) 3,216.00p -3.37%
Metro Bank led the decline, with the lender and safety deposit box operator's shares falling to their lowest level in more than a year after a mixed set of first-quarter results.
Although deposits grew 41% as lending and customer numbers grew, Metro's levels of capital concerned analysts and investors, sparking worries that it may have to drum up new funds. Common equity Tier 1 capital, a key measure of capital strength, fell 1.7 percentage points to 13.6% of its risk-weighted assets as at the end of March. Investec predicted that CET1 would fall to 11.4% by the end of the year unless the bank raised some new cash.
Meanwhile, the Daily Mail was reporting on "shareholder outrage" as Metro's billionaire founder Vernon Hill has handed £21m to his wife's Inter Arch firm for branding and designing Metro branches, very similar to the reason the newspaper reports Hill was "hounded out" of his US business Commerce Bancorp.
Tullow Oil was down despite a pretty positive trading update that highlighted "strong progress" so far this year at its West African operations that means full year production guidance was unchanged. Shares in the group have historically been very closely linked to the oil price due to its huge debts, and reflected crude oil prices dropping back overnight. Net debt incidentally was down to $3.4bn from $3.5bn at the year end.
Shipping broker Clarkson fell further as investors continues to exit following the profit warning a day earlier.
Eastern European outfits were not faring well, with Ukraine-based Ferrexpo and Georgian bank TBC Bank both lower. The latter in spite of Fitch Ratings revising the outlook on the bank's subsidiary to "positive", saying the risk profile and financial metrics should benefit from the improving operating environment in Georgia.
Elementis was down a day ahead of a scheduled trading statement from the chemicals group.
Going the right way were shares in Capita, leading the risers as the outsourcer's plans to raise £701m in a fully underwritten rights issue continued to gain support from traders.
The rise follows an emergency debate in the House of Commons where into the future of Capita, where Cabinet Office minister Oliver Dowden assured that the rights issue proceeded as planned and that Capita "is not another Carillion".
FTSE 250 - Risers
Capita (CPI) 186.25p 5.05%
JD Sports Fashion (JD.) 389.30p 1.83%
Capital & Counties Properties (CAPC) 278.00p 1.65%
Bakkavor Group (BAKK) 186.00p 1.64%
Euromoney Institutional Investor (ERM) 1,284.00p 1.58%
Tate & Lyle (TATE) 568.40p 1.54%
William Hill (WMH) 297.80p 1.50%
Inmarsat (ISAT) 364.70p 1.33%
Redrow (RDW) 625.00p 1.13%
RDI Reit (RDI) 36.65p 1.10%
FTSE 250 - Fallers
Metro Bank (MTRO) 3,290.00p -6.48%
Tullow Oil (TLW) 227.10p -4.86%
Clarkson (CKN) 2,425.00p -4.53%
Equiniti Group (EQN) 276.00p -4.17%
Ferrexpo (FXPO) 231.10p -4.11%
Vedanta Resources (VED) 716.60p -3.94%
TBC Bank Group (TBCG) 1,784.00p -3.67%
Renishaw (RSW) 4,704.00p -3.49%
Elementis (ELM) 283.40p -3.41%
Wizz Air Holdings (WIZZ) 3,216.00p -3.37%
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