FTSE 250 movers: Tate & Lyle fails to grow as Miners shine

Thu 13 Sep 2018

LONDON (SHARECAST) - (Sharecast News) - London's FTSE 250 was down 0.12% at 20,355.42 in afternoon trade on Thursday.
British-based multinational agribusiness Tate & Lyle was the big faller in afternoon trading after reporting on Wednesday that energy and transport cost inflation will limit its earnings per share growth for the year ending March 2019 to the lower end of the "mid-single digits" range.

Independent oil and gas exploration and production company Energean Oil and Gas continued to fall after it announced its half-year results for the six months ended 30 June on Wednesday, with sales falling 1.9% year-on-year to $26.3m.

The firm reported that it had swung to an operating profit of $10.2m, compared to a loss of $7.9m in the first half of last year, with its profit before tax coming in at $82.1m, versus a loss of $4.4m 12 months ago.

Domino's Pizza also fell after analysts at Berenberg lowered their target price from 320p to 280p, citing the fact that the firm's UK like-for-like growth is at risk of sliding into the negatives.

"We think the outlook for Domino's is increasingly uncertain. However, given the shares have fallen substantially in recent weeks and are now trading close to their lowest multiple for several years, we maintain our 'hold' rating," said the note.

Safestore Holdings settled back down after posting a third-quarter trading update for the three months to 31 July on Wednesday, reporting a 10.3% improvement in group revenue at constant exchange rates to 36.4m.

The self storage company said group like-for-like revenue in the period at constant currency was ahead 5.6%, with "strong performance" reported from both geographies.

Off the back of this update, Liberum on Wednesday reiterated its 'buy' rating and target price of 650p.

Satellite telecommunications company Inmarsat also fell despite having had its 'buy' rating reiterated by Deutsche Bank on Wednesday.

At the other end of the scales, miners advanced as metals prices rose, with gold miner Centamin and Kaz Minerals higher and the latter firm also benefiting from being upgraded to 'buy' at HSBC.

Residential property business Grainger jumped in afternoon trade on Thursday after Numis upgraded the company's shares to 'buy' from 'add', raising their target price to 369p.

A note from the broker said that the company's management have established a strong market-leading residential management platform, which should ensure that its private rented sector pipeline enhances its earnings and cash flow, while generating higher shareholder returns over the next few years.

Tullow Oil was also on the rise after French oil giant Total SA exercised its option to acquire a 25% stake in the Orinduik Block, offshore Guyana, a venture in which Tullow owns a 60% interest and Eco Atlantic Oil and Gas retains a 15% interest.

Gil Holzman, Eco chief executive, said: "With Tullow as operator and the technical contribution that both Total and Eco now bring to the project, we look forward to working with these two world-class players in further progressing the exciting exploration of the Orinduik block."

Market Movers

FTSE 250 (MCX) 20,355.42 -0.12%

FTSE 250 - Risers

Centamin (DI) (CEY) 94.38p 4.38%
Greencore Group (GNC) 198.40p 3.44%
Grainger (GRI) 308.00p 3.08%
Coats Group (COA) 84.70p 2.67%
Lancashire Holdings Limited (LRE) 591.00p 2.52%
Kaz Minerals (KAZ) 476.00p 2.45%
Weir Group (WEIR) 1,621.00p 2.27%
Tullow Oil (TLW) 237.50p 2.06%
G4S (GFS) 236.00p 1.99%
Wizz Air Holdings (WIZZ) 3,176.00p 1.83%

FTSE 250 - Fallers

Tate & Lyle (TATE) 639.60p -4.17%
Energean Oil & Gas (ENOG) 562.00p -3.93%
JD Sports Fashion (JD.) 504.20p -3.30%
Clarkson (CKN) 2,715.00p -3.21%
Rathbone Brothers (RAT) 2,452.00p -3.16%
BCA Marketplace (BCA) 212.50p -2.97%
Mediclinic International (MDC) 463.90p -2.75%
Domino's Pizza Group (DOM) 280.60p -2.70%
Safestore Holdings (SAFE) 535.00p -2.64%
Inmarsat (ISAT) 492.10p -2.48%
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