FTSE 250 movers: Centamin shines, Funding Circle falls

Wed 24 Apr 2019

LONDON (SHARECAST) - (Sharecast News) - London's FTSE 250 index was up 0.09% at 19,926.51 in afternoon trade on Wednesday, with Centamin leading the index higher.
The gold miner topped the charts after it said first quarter production at its Sukari gold mine in Egypt exceeded expectations as it reiterated full year targets.

Analysts from Berenberg said: "The first half of this year is an important period for the business, with steady operational delivery around guidance being required to rebuild investor confidence following a difficult 2018 for the operations. It is therefore pleasing to see performance come out at the better end of the guidance range, with further momentum in quarterly production rates anticipated through the year."

Over-50s specialist Saga got a boost from an upgrade to 'neutral' at JPMorgan Cazenove, which said the risk/reward is now more balanced as the market is well aware of the challenges facing the company.

Derwent London was on the way up after analysts at Deutsche Bank bumped their recommendation for the stock up from 'hold' to 'buy' and upped the target price from 3,600p to 3,700p. Deutsche Bank analysts also revised their target price for Great Portland Estates higher, raising it from 720p to 820p.

Precious metals miner Acacia Mining gained ahead of the release of a trading statement the next day, with sentiment likely helped by a strong showing on Wednesday for London-listed peer Centamin.

Gold prices meanwhile were bouncing back in the background.

At the other end of the index, Funding Circle continued to drop following The Times' report at the weekend that the peer-to-peer lending business is facing increased pressure from rivals, including Japanese giant SoftBank.

"Peer-to-peer sites are under pressure. Signs of economic cooling have led to an uptick in defaults and rising insolvencies. This is feeding through to smaller businesses," said the article.

"Funding Circle said in a blog post at the end of last year that the worsening consumer credit situation had 'impacted a small population of loans' in its book. It is arguably less exposed than other peer-to-peer sites more focused on consumer lending, but it is still feeling the heat."

Market Movers

FTSE 250 (MCX) 19,926.51 0.09%

FTSE 250 - Risers

Centamin (DI) (CEY) 89.82p 12.50%
Saga (SAGA) 60.68p 5.43%
Derwent London (DLN) 3,204.20p 3.63%
Great Portland Estates (GPOR) 761.40p 3.56%
Sanne Group (SNN) 597.00p 3.11%
Clarkson (CKN) 2,460.00p 2.71%
Aston Martin Lagonda Global Holdings (AML) 985.90p 2.50%
Acacia Mining (ACA) 158.70p 2.45%
Safestore Holdings (SAFE) 651.50p 2.44%
Telecom Plus (TEP) 1,434.00p 2.43%

FTSE 250 - Fallers

Funding Circle Holdings (FCH) 280.50p -8.03%
Mediclinic International (MDC) 341.10p -3.10%
Royal Mail (RMG) 254.10p -2.76%
CYBG (CYBG) 214.20p -2.68%
Hilton Food Group (HFG) 954.00p -2.65%
Tullow Oil (TLW) 243.70p -2.52%
Syncona Limited NPV (SYNC) 250.21p -2.45%
G4S (GFS) 226.10p -2.37%
IntegraFin Holding (IHP) 378.75p -2.35%
Rank Group (RNK) 156.28p -2.08%
DLN - Derwent London

Latest Prices

Name Price %
Derwent London 2,794.00p -0.43%
Funding Circle Holdings 85.30p -5.22%
Great Portland Estates 626.80p +1.10%
Saga 16.31p -2.10%
FTSE 250 16,399 +0.08%
FTSE 350 3,344 -0.29%
FTSE All-Share 3,302 -0.29%
General Retailers 1,932 +0.20%
Real Estate Investment Trusts 2,348 +0.07%

Archived Stories

08 Apr Derwent London confirms dividend, halts construction
25 Feb Tuesday broker round-up
25 Feb Derwent London makes 'considerable progress' in 2019
30 Jan Derwent London buys Brixton property
27 Jan Monday broker round-up