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FTSE 250 movers: AA stalls on broker note; NewRiver keeps rolling along
Shares in motor rescue and insurance group AA were under the cosh on Thursday as Barclays retained its 'overweight' stance on the group but slashed the price target to 200p from 270p as it lowered its 2019 EBITDA forecasts.
Halfords shares also fell, despite reporting a rise in third-quarter sales on Thursday and solid trading over the Christmas period.
In the 15 weeks to 12 January, total group revenue was up 3.2%, with retail sales 3.3% higher and Autocentres sales up 1.9%. On a like-for-like basis, group revenue rose 2.7%, with retail revenue up 2.9% and revenue from Autocentres up 0.7%.
Shares in engineering services company Babcock International dipped after the firm announced it had been awarded a "significant" national contract by the Italian Ministry of Interior for a fully outsourced aerial firefighting service.
The rebid, due to start next month, is worth around £160m for the first four years and includes an option for a further four-year extension which could up the value to around £320m.
NewRiver REIT led the gainers as it issued an upbeat third-quarter trading update on Thursday, saying its convenience-led portfolio remained "well-positioned" to deliver growing and sustainable cash returns.
The FTSE 250 company said convenience-led shopping was delivering "good" operational results and strong metrics, with consistently high retail occupancy of 97%, in line with the 97% reported at the end of the second quarter.
Infrastructure group Balfour Beatty rallied after saying the recently-enacted US tax changes would lower its effective tax rate on US earnings to 26% from 40% in 2018 and beyond, boosting earnings.
Broker Numis said the benefits of the change equate to around 1p per share on earnings per share, or a rise of 4%
"Aside from these direct benefits, the indirect benefits of increased business confidence and likely investment in the US resulting from these tax moves are good news given the scale of Balfour's US operations nationwide," it said in a note.
Market Movers
FTSE 100 (UKX) 7,694.07 -0.41%
FTSE 250 (MCX) 20,647.51 -0.59%
techMARK (TASX) 3,496.44 -0.75%
FTSE 250 - Risers
NewRiver REIT (NRR) 315.50p 5.34%
CYBG (CYBG) 334.40p 2.83%
IG Group Holdings (IGG) 776.55p 2.65%
Pershing Square Holdings Ltd NPV (PSH) 1,052.70p 2.60%
Daejan Holdings (DJAN) 6,060.00p 2.36%
Paragon Banking Group (PAG) 495.40p 1.85%
Balfour Beatty (BBY) 295.92p 1.66%
Rathbone Brothers (RAT) 2,708.00p 1.65%
Provident Financial (PFG) 709.80p 1.55%
Vietnam Enterprise Investments (DI) (VEIL) 470.00p 1.51%
FTSE 250 - Fallers
AA (AA.) 153.90p -6.81%
JD Sports Fashion (JD.) 374.20p -5.07%
Purecircle Limited (DI) (PURE) 444.00p -4.93%
Kier Group (KIE) 1,044.90p -4.75%
International Public Partnerships Ltd. (INPP) 150.00p -4.58%
John Laing Infrastructure Fund Ltd (JLIF) 119.00p -4.49%
Capital & Counties Properties (CAPC) 294.20p -4.45%
Merlin Entertainments (MERL) 345.80p -4.26%
Vectura Group (VEC) 112.20p -4.02%
Virgin Money Holdings (UK) (VM.) 274.60p -3.72%