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FTSE 250 movers: Balfour Beatty takes off on LAX deal; BGEO numbers disappoint
Investors cast aside their inflationary worries on Friday and happily piled into equities on the FTSE 250.
Shares in Balfour Beatty gained as the company announced it had won a share worth around £420m of a huge contract to design and build an 'automated people mover' at Los Angeles International airport.
The LINXS joint venture, in which Balfour has a 30% stake, was awarded the $1.95bn (£1.4bn) contract to construct the above-ground shuttle system connecting the LAX central terminal area to a new rental car facility as well as six stations and a vehicle maintenance building. As well as nine shuttle trains, the system includes moving walkways to the terminals and parking garages.
Great Portland Estates shares rose as the company said it had received 84% take up from its £142.9m bond tender offer.
On the downside, BGEO, formerly Bank of Georgia, fell despite posting an 8.1% jump in full-year profit and saying its plans to split into two London-listed companies was still on track. Broker Numis said it was "strong" fourth quarter and a "better than expected" result for 2017 as a whole.
Dividends of $39.1m were returned in 2017, including $18.3m in the fourth quarter, with plans for 2018 depending on the outcome of the planned demerger that could see it split into two London-listed groups: a Bank of Georgia banking business and investment company Georgia Capital Group. A shareholder vote to seal the deal is expected in April.
The board said it expects to recommend a regular annual dividend for 2017 totalling roughly 120m Georgian lari (GEL). But if the demerger is successfully implemented, it is intended that Bank of Georgia arm will instead, shortly after the demerger is completed, "declare and pay a dividend in a similar aggregate amount to shareholders then on the record".
Temporary power supplier Aggreko was hit by a downgrade from Bank of America Merrill Lynch.
Market Movers
FTSE 100 (UKX) 7,287.47 0.73%
FTSE 250 (MCX) 19,711.70 0.70%
techMARK (TASX) 3,316.62 0.69%
FTSE 250 - Risers
Sanne Group (SNN) 654.00p 5.31%
Card Factory (CARD) 202.80p 5.02%
Derwent London (DLN) 2,966.00p 4.00%
Great Portland Estates (GPOR) 639.50p 3.90%
Inmarsat (ISAT) 448.30p 3.89%
Greencore Group (GNC) 191.29p 3.37%
SIG (SHI) 146.10p 3.32%
Cineworld Group (CINE) 244.40p 3.12%
Vectura Group (VEC) 80.10p 3.09%
Fenner (FENR) 453.20p 3.00%
FTSE 250 - Fallers
Aggreko (AGK) 753.10p -4.36%
Lancashire Holdings Limited (LRE) 571.00p -4.11%
Dignity (DTY) 756.00p -3.08%
Rank Group (RNK) 227.00p -2.99%
Acacia Mining (ACA) 160.15p -2.59%
Genus (GNS) 2,296.00p -2.38%
Brown (N.) Group (BWNG) 188.90p -2.12%
Saga (SAGA) 115.40p -1.87%
Provident Financial (PFG) 680.00p -1.82%
Ted Baker (TED) 2,958.00p -1.79%