FTSE 250 movers: Energean surges; Carnival sinks

Mon 29 Jun 2020

LONDON (SHARECAST) - (Sharecast News) - London's FTSE 250 was 0.6% higher at 17,221.83 in afternoon trade on Monday.
Energean surged to the top of the index after saying it had agreed to exclude Edison E&P's Norwegian subsidiary from its takeover deal, and cut capital expenditure guidance as oil companies wrestle with a slump in prices amid the coronavirus crisis.

The deal, originally worth $750m, will now cost Energean a gross $284m after ditching Edison's Algerian assets in April. Capex guidance was cut to $760m - $780m from $840 million.

Drax shares were sharply higher amid speculation the temporary power provider could be a takeover target. The Mail on Sunday suggested Drax could be in early stage talks to be bought by an unnamed energy company. It noted chatter of a 340p a share bid price, valuing the group at 1.35bn.

Travel company TUI and budget airline easyJet were also on the rise. IG analyst Joshua Mahony said investors seemed happy to jump aboard travel stocks ahead of a surge in European travel for the month ahead.

"With Johnson set to announce a host of countries within which UK travellers can visit without the need of a quarantine on return, we are seeing some optimism that demand could pick up as the government essentially provides the go-ahead for summer holiday plans," he said.

Carnival was weaker after saying it will pay a hefty 7.5% on top of interbank rates to borrow $2.8bn (2.3bn) to shore up the embattled cruise operator's finances as the Covid-19 crisis casts doubts on its future.

William Hill was on the back foot after a parliamentary committee said the government and the gambling watchdog have an "unacceptably weak understanding" of the harm that gambling can do and how to tackle it.

FTSE 250 - Risers

Energean (ENOG) 504.00p 13.64%
Drax Group (DRX) 245.00p 9.77%
Aston Martin Lagonda Global Holdings (AML) 53.75p 5.60%
Hammerson (HMSO) 86.56p 5.41%
TUI AG Reg Shs (DI) (TUI) 380.70p 5.19%
easyJet (EZJ) 681.60p 4.60%
ICG Enterprise Trust (ICGT) 770.00p 4.05%
BlackRock Smaller Companies Trust (BRSC) 1,318.00p 3.94%
Morgan Sindall Group (MGNS) 1,256.00p 3.80%
Royal Mail (RMG) 170.80p 3.52%

FTSE 250 - Fallers

Cineworld Group (CINE) 58.14p -9.27%
Provident Financial (PFG) 165.90p -4.87%
Carnival (CCL) 921.60p -4.85%
BMO Commercial Property Trust Limited (BCPT) 65.70p -4.78%
Crest Nicholson Holdings (CRST) 205.20p -4.20%
William Hill (WMH) 117.90p -4.03%
Go-Ahead Group (GOG) 872.00p -3.70%
Greggs (GRG) 1,627.00p -3.33%
AJ Bell (AJB) 371.50p -3.13%
UK Commercial Property Reit Limited (UKCM) 62.40p -3.11%
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