FTSE 250 movers: Hiscox gains after High Court ruling; Marshalls drops

Tue 15 Sep 2020

LONDON (SHARECAST) - (Sharecast News) - London's FTSE 250 was up 0.7% at 17,793.45 in afternoon trade on Tuesday.
Hiscox was a high riser as the Financial Conduct Authority claimed a partial victory in a closely-watched test case concerning business interruption payouts during the Covid-19 pandemic.

The City regulator brought the case on behalf of policyholders earlier this year, after a large number of claims made during the height of the pandemic and lockdown were rejected by insurers.

The industry claimed that these policies were never intended to cover government-imposed measures in a global pandemic.

Hiscox said it would assess the judgement "to ascertain how the Court's conclusions should be applied to the claims and circumstances" of individual policyholders.

"The group estimates additional Covid-19 claims arising from business interruption to be less than 100m net of reinsurance. This encompasses claims from all divisions, including Hiscox Re, and is a reduction of the 150m from the upper end of the group's previously published risk scenario," it said.

William Hill rallied after the bookmaker said a multi-year deal between its US partner Caesars Entertainment and broadcaster ESPN will feature its sports betting apps and sports book odds.

Inchcape was boosted by a rating upgrade at broker Peel Hunt.

Marks & Spencer - whose tie-up with Ocado launched at the beginning of September - rallied in line with shares of the online supermarket after it recorded a sharp rise in third-quarter revenue, driven by continued higher average spends as it forecast annual core earnings of 40m.

Going the other way, paving group Marshalls was weaker as it said it will not pay an interim dividend this year after swinging to a loss in the first half.

Watches of Switzerland slumped after US private equity firm Apollo Global Management sold 33 million shares in the company.

FTSE 250 - Risers

Hiscox Limited (DI) (HSX) 868.20p 14.51%
William Hill (WMH) 222.30p 11.71%
Chemring Group (CHG) 267.00p 6.37%
Avon Rubber (AVON) 4,205.00p 5.92%
UK Commercial Property Reit Limited (UKCM) 70.00p 5.11%
Inchcape (INCH) 482.60p 4.87%
Rank Group (RNK) 116.20p 4.68%
Pets at Home Group (PETS) 299.80p 4.46%
Polypipe Group (PLP) 426.00p 4.41%
Marks & Spencer Group (MKS) 109.20p 4.30%

FTSE 250 - Fallers

Marshalls (MSLH) 626.50p -6.91%
Watches of Switzerland Group (WOSG) 311.00p -6.89%
Carnival (CCL) 1,043.50p -5.31%
SSP Group (SSPG) 219.60p -4.10%
Mitchells & Butlers (MAB) 146.00p -3.44%
Fisher (James) & Sons (FSJ) 1,212.00p -3.35%
Investec (INVP) 137.10p -3.11%
TUI AG Reg Shs (DI) (TUI) 340.10p -2.91%
Cineworld Group (CINE) 48.70p -2.79%
Greencore Group (GNC) 112.10p -2.61%
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