The FTSE 250 was just above the waterline on Tuesday afternoon, standing behind a slew of green in wider European markets, as the pound rose on the back of stronger services data and oil prices
weighed on the commodities-heavy index.
Stobart Group was surging as its boardroom battle continued, as the Southend Airport owner confirmed that its deposed former chief executive Andrew Tinkler and fund manager Neil Woodford have proposed retail guru Philip Day as a new director.
Day, who owns high street chains Jaeger, Edinburgh Woollen Mills and Peacocks, has been put up for vote either at the FTSE 250 company's forthcoming annual shareholder meeting or at a subsequently convened general meeting in order to replace existing chairman Iain Ferguson, who made the board's dispute with ex CEO Andrew Tinkler public last week.
St Modwen Properties was up modestly as it said despite continued uncertainties in the external environment and challenges in parts of the UK property market, the outlook for its two key sectors - industrial/logistics and regional house building - remained "positive".
The Renewables Infrastructure Group was similarly higher after buying two onshore wind farms in Northern France for roughly 28m.
Merlin Entertainments did not impress with news that the roll out of its first five Peppa Pig World of Play attractions will begin in Shanghai's LC Mall later this year, with four further sites secured in Beijing, Dallas, Michigan and the New York area all for planned openings before the end of 2019.
Stagecoach and Go-Ahead Group fell as MPs launch an inquiry into the chaos on UK train services. Theresa May described the rail disruption as "absolutely unacceptable" at Tuesday's cabinet meeting where ministers were briefed by Transport Secretary Chris Grayling.
The prime minister's official spokesman said May described the need to fix the problem as "an absolute priority", and that those affected must be "properly compensated".
Card Factory was down after Berenberg cut its price target on the shares
to 190p from 200p.
IWG, the serviced office group formerly known as Regus, fell 2% after US private equity firm Lone Star abandoned plans to bid for the Regus office owner. TDR Capital and Starwood have until Friday to confirm their intentions while US property group Prime Opportunities has a June 26 deadline.
"We still see a competitive auction as likely, given IWG's global position, free cash generation, potential for growth and low valuation compared to WeWork," said analysts at Peel Hunt as they downgraded the stock to 'hold' based on a no-deal value potentially below 260p per share, compared with a likely takeover price of between 320p and 350p.
FTSE 250 - Risers
Alfa Financial Software Holdings (ALFA) 163.82p 6.37%
Greene King (GNK) 612.80p 4.54%
Ferrexpo (FXPO) 228.90p 3.72%
Stobart Group Ltd. (STOB) 237.18p 3.35%
Shaftesbury (SHB) 959.00p 2.95%
Kaz Minerals (KAZ) 1,015.50p 2.80%
Contour Global (GLO) 222.00p 2.78%
BCA Marketplace (BCA) 199.80p 2.46%
Genus (GNS) 2,704.00p 2.42%
Dechra Pharmaceuticals (DPH) 2,874.00p 2.13%
FTSE 250 - Fallers
Stagecoach Group (SGC) 146.80p -4.68%
TalkTalk Telecom Group (TALK) 106.60p -4.14%
Fisher (James) & Sons (FSJ) 1,796.00p -3.85%
Just Group (JUST) 138.60p -3.82%
Tullow Oil (TLW) 246.80p -2.91%
Caledonia Investments (CLDN) 2,700.00p -2.88%
Card Factory (CARD) 196.80p -2.67%
Bank of Georgia Group (BGEO) 2,057.50p -2.47%
Provident Financial (PFG) 648.60p -2.32%
Go-Ahead Group (GOG) 1,689.00p -2.03%