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FTSE 250 movers: Dixons lifted, M&C investors check out
Leading London's mid-cap vanguard was Dixons Carphone and Wizz Air, while investors booked out of Millennium & Copthorne Hotels.
Dixons Carphone rallied on Friday as RBC Capital Markets reiterated its 'outperform' rating on the stock and bumped up the price target to 230p from 210p and estimates on expectations of a strong fourth quarter and good momentum into the new financial year.
The bank sees electricals trends as robust, helped by strong sales of TVs and connected home devices, while mobile is "tough but is no worse", with new CEO Alex Baldock ex of Shop Direct putting in place a new senior executive team designed to speed up decision making in the business, cut management layers and improve the customer offer.
Wizz Air flew higher on the back of solid numbers from fellow airlines, easyJet and British Airways owner IAG. EasyJet said passenger numbers and the load factor grew in April.
Gold miners Hochschild and Centamin were both higher despite prices for the yellow metal moving a touch lower today, though market analyst David Madden at CMC Market noted that when considering the US dollar index has reached a new 2018 high, the upward move isn't that much. "Lately the inverse relationship between the US dollar and the greenback has been strong, except today. If gold breaks below $1,300, it could pave the way for further losses."
Takeover speculation from earlier in the week continued to lift Virgin Money, though Exane BNP Paribas did their best to thrown cold water on this, downgrading the shares to 'neutral' from 'outperform'. The chances of a bid are already factored into the price, the analysts said, adding that they are "increasingly concerned" by the market environment in, with a number of early warning indicators for the unsecured market in particular. Combined with slower loan growth, greater investment spend, the outlook for EPS in 2019 and 2020 "is increasingly negative"
Going the other way, Millennium & Copthorne Hotels had a mixed first quarter, with stronger underlying revenue growth and profits despite weaker trading in London, while currency swings hampered top-line growth. The FTSE 250 group reported revenue per available room of £68.48 for the first three months of the year, a 3.1% worsening compared to last year but at constant currencies RevPAR increased 3.2%.
Chairman Kwek Leng Beng, who last month appointed the highly experience Jennifer Fox as his new chief executive, said: "London declined and Europe is showing indications of weakness, whilst our Millennium Broadway New York hotel continues to hold back overall trading performance in New York. More positively, Asia showed some signs of a recovery and New Zealand continued to perform well."
Bgeo Group was one of the big fallers despite acquiring an under-construction hotel in Gudauri for $7.2m cash. The hotel was expected to add at least 134 rooms to its m2 subsidiary's portfolio, and was conveniently located on the slope with ski-in and ski-out facilities in the ski resort.
NewRiver REIT fell as it announced the scrip dividend reference price will be 288.9p per share for those that choose to receive it. Last month the trust announced a fourth quarterly dividend of 5.25p per share for the year ending 31 March.
FTSE 250 - Risers
Dixons Carphone (DC.) 214.20p 5.00%
Wizz Air Holdings (WIZZ) 3,403.00p 3.66%
Hochschild Mining (HOC) 219.40p 2.86%
Centamin (DI) (CEY) 161.10p 2.81%
TBC Bank Group (TBCG) 1,758.00p 2.81%
Hunting (HTG) 798.00p 2.64%
Babcock International Group (BAB) 735.20p 2.48%
Entertainment One Limited (ETO) 292.20p 2.45%
Pets at Home Group (PETS) 152.70p 2.41%
Ultra Electronics Holdings (ULE) 1,444.00p 2.41%
FTSE 250 - Fallers
BGEO Group (BGEO) 3,316.00p -2.70%
Millennium & Copthorne Hotels (MLC) 546.00p -2.67%
On The Beach Group (OTB) 603.00p -2.58%
Hikma Pharmaceuticals (HIK) 1,298.00p -2.33%
TalkTalk Telecom Group (TALK) 129.80p -2.26%
RPC Group (RPC) 771.40p -2.23%
Stagecoach Group (SGC) 152.00p -2.06%
Telecom Plus (TEP) 1,048.00p -2.06%
Card Factory (CARD) 220.60p -1.96%
William Hill (WMH) 278.90p -1.69%