FTSE 250 movers: Aveva rockets on deal news; Acacia loses its shine

Tue 05 Sep 2017

LONDON (SHARECAST) - (ShareCast News) - London's FTSE 250 was up 0.3% to 19,754.92 in afternoon trade on Tuesday.
Aveva surged after agreeing a merger with the software arm of France's Schneider Electric where the UK company's existing shareholders will own 40% of the business.

Housebuilder Redrow was in the black as it reported a 26% jump in full-year pre-tax profit, hiked its dividend by 70% and upgraded its guidance. In the year to the end of June, pre-tax profit rose to a record 315m from 250m the year before as group revenue rose 20% to a record 1.66bn. This was driven by a 15% increase in legal completions to 5,416 and a 7% gain in the average selling price to 309,800.

Victrex got a boost as Credit Suisse upped its price target on the stock to 2,450p from 2,300p after it said on Monday that its effective tax rate under Patent Box - which enables companies to apply a lower rate of corporation tax to profits earned after 1 April 2013 to its patented inventions - is expected to drop to 12% from 21%.

Retailer Halfords was trading higher after it reported like-for-like sales largely as expected for the first 20 weeks of the year, in the last results before chief executive Jill McDonald departs.

Going the other way, Acacia was weaker as JPMorgan Cazenove cut its the price target on the stock and downgraded estimates while retaining its 'neutral' rating after the company announced plans on Monday to reduce production at the Bulyanhulu mine.

Inmarsat was also on the back foot as Numis slapped a 'sell' rating on the stock and highlighted a number of reasons to be cautious about the company's revenue and margin prospects, while SSP was hit by a downgrade at Morgan Stanley.


Aveva Group (AVV) 2,437.00p 26.93%
Evraz (EVR) 326.60p 4.95%
Wood Group (John) (WG.) 613.00p 3.81%
Pets at Home Group (PETS) 194.20p 3.74%
Redrow (RDW) 642.50p 3.63%
Amec Foster Wheeler (AMFW) 457.90p 3.60%
Tullow Oil (TLW) 160.00p 3.56%
Victrex plc (VCT) 2,292.00p 3.24%
Hunting (HTG) 414.00p 2.76%
Halfords Group (HFD) 323.90p 2.69%


Acacia Mining (ACA) 190.30p -5.89%
Inmarsat (ISAT) 696.00p -5.37%
Beazley (BEZ) 494.10p -2.06%
Hochschild Mining (HOC) 285.90p -1.99%
Fisher (James) & Sons (FSJ) 1,502.00p -1.89%
SSP Group (SSPG) 546.00p -1.80%
Millennium & Copthorne Hotels (MLC) 461.50p -1.58%
Lancashire Holdings Limited (LRE) 670.00p -1.54%
Carillion (CLLN) 47.74p -1.47%
Restaurant Group (RTN) 318.70p -1.42%
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