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FTSE 250 movers: Capita and Investec buck trend; Ocado, Stagecoach drop
London's FTSE 250 was down 2.3% to 19,234.92 in afternoon trade on Tuesday, tracking broader market losses following a bloodbath in US and Asian shares, amid concerns about the impact of rising US inflation.
Ocado slumped as it posted strong sales growth from a "transformational" year, but also asked investors for extra cash as profits in 2018 will be hit by investment in new facilities.
Stagecoach shares crashed as the UK transport minister said on Monday that the government could take over the company's running of the rail route between London and Edinburgh after it got its numbers wrong when bidding for the franchise.
Asset managers were among the worst performers, with Man Group and Rathbone Brothers both sharply lower.
Investec bucked the trend, however, racking up solid gains on the back of big management changes. The company said group chief executive Stephen Koseff and managing director Bernard Kantor would step down from their roles on 1 October.
Investec confirmed that Fani Titi, who had been a non-executive director on the Investec Group board since January 2004 and chairman of the group since November 2011, as well as Hendrik du Toit - the founding CEO of Investec Asset Management and an executive director of the group since December 2010 - would be appointed as CEO designates on 1 April.
Softcat, a provider of IT infrastructure products and services, managed to eke out small gains after saying results are expected to be "slightly exceed" of previous expectations for the full year.
Outsourcer Capita was the standout gainer, on the up for the second day in a row after a blog post on the Woodford Investment Management website on Friday suggested its low valuation could make it a bid target.
Risers
Capita (CPI) 187.46p 7.67%
AA (AA.) 128.75p 4.93%
Investec (INVP) 557.80p 3.60%
Diploma (DPLM) 1,091.00p 1.30%
Redrow (RDW) 595.00p 0.93%
John Laing Infrastructure Fund Ltd (JLIF) 118.90p 0.42%
Greencoat UK Wind (UKW) 120.40p 0.33%
Renewi (RWI) 94.04p 0.25%
Softcat (SCT) 519.00p 0.19%
International Public Partnerships Ltd. (INPP) 149.80p -0.00%
Fallers
Petrofac Ltd. (PFC) 450.40p -10.46%
Ocado Group (OCDO) 457.50p -7.11%
F&C Global Smaller Companies (FCS) 1,255.00p -6.34%
Stagecoach Group (SGC) 136.10p -6.33%
Man Group (EMG) 194.95p -6.23%
Rathbone Brothers (RAT) 2,612.00p -5.43%
Drax Group (DRX) 228.80p -5.22%
Babcock International Group (BAB) 619.60p -5.06%
Go-Ahead Group (GOG) 1,449.00p -4.86%
Genus (GNS) 2,236.00p -4.85%