FTSE 250 movers: Energean gushes higher; TUI travels lower

Wed 16 Sep 2020

LONDON (SHARECAST) - (Sharecast News) - London's FTSE 250 was flat at 17,808.22 in afternoon trade on Wednesday.
Oil and gas exploration company Energean was the top gainer on the index after securing two new gas sale agreements for its flagship Karish project off Israel.

Berenberg said: "This is a clear positive for Energean, which delivers on expectations firmly set at the interim results last week. It is likely to result in upgrades to medium-term consensus forecasts as the additional volumes are factored in."

Insurer Hiscox was on the rise again following strong gains in the previous session after the High Court ruling on business interruption claims.

"While the ruling itself seems to be largely in favour of the plaintiffs, and potentially might be appealed by the insurers, at least the certainty of losses will be a relief to investors," said broker Shore Capital.

Hiscox estimated that the cost of the ruling at around 100m net of reinsurance, below both the mid-point and consensus estimates of around 130m loss, Shore said. "While Hiscox's management themselves may be disappointed with the outcome, investors are likely to be relieved."

TUI fell after the Competition and Markets authority said the travel company must refund all UK customers for holidays cancelled because of the coronavirus by the end of the month.

FTSE 250 - Risers

Energean (ENOG) 612.20p 17.10%
Hiscox Limited (DI) (HSX) 938.00p 5.70%
PureTech Health (PRTC) 283.00p 4.81%
Royal Mail (RMG) 240.30p 4.48%
Pets at Home Group (PETS) 312.60p 4.20%
Hochschild Mining (HOC) 243.80p 3.13%
Dixons Carphone (DC.) 92.95p 2.99%
John Laing Group (JLG) 287.80p 2.71%
Weir Group (WEIR) 1,331.50p 2.62%
Safestore Holdings (SAFE) 816.00p 2.58%

FTSE 250 - Fallers

SSP Group (SSPG) 204.20p -6.24%
Hammerson (HMSO) 23.80p -6.15%
TUI AG Reg Shs (DI) (TUI) 319.10p -5.45%
Babcock International Group (BAB) 224.70p -4.30%
Network International Holdings (NETW) 379.00p -4.29%
Meggitt (MGGT) 268.70p -3.80%
Micro Focus International (MCRO) 276.20p -3.60% Group (MONY) 289.60p -3.53%
easyJet (EZJ) 566.80p -3.21%
Mitchells & Butlers (MAB) 142.80p -3.12%
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