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FTSE 250 movers: Fidessa rallies on Temenos deal; AA tanks on profit warning
London's FTSE 250 was down 0.3% to 19,744.36 in afternoon trade on Wednesday, with M&A helping to keep things lively.
Fidessa was flying high again as it agreed to a £1.4bn takeover by Swiss banking software company Temenos a day after confirming that the two were in talks. Under the terms of the deal, Fidessa shareholders will receive 3,567p in cash for each of their shares. They will also be entitled to a final dividend and a special dividend amounting to 79.7p for 2017.
The price represents a premium of around 37% to Fidessa's closing price on 16 February.
Spire Healthcare racked up strong gains as the Financial Times reported market chatter regarding possible interest from US rival HCA in taking Mediclinic's 29.9% stake in Spire off its hands.
On the downside, insurer and roadside assistance group AA tanked as it warned profits would be lower as it makes a strategic swerve down a new route.
Following a strategic review by new chief executive Simon Breakwell, ex of Expedia and Uber, the company will pour more investment to support a significant move into 'connected car' technology and insurance, though this will result in profits falling as much as 15% in the current financial year.
Transport company Firstgroup was also sharply lower after cutting its full-year earnings guidance as its US coach and bus services weighed.
Hochschild Mining lost its shine as it reported a drop in full-year profit and earnings. In the year to the end of December 2017, profit before income tax fell to $64.1m from $108.3m, while adjusted earnings before interest, tax, depreciation and amortisation declined to $300.8m from $329m as it took a hit from higher costs and increased investment in brownfield exploration.
Metro Bank was weaker despite posting record full-year results and its first annual profit, as underlying pre-tax profit missed expectations.
Risers
Fidessa Group (FDSA) 3,875.00p 8.54%
Spire Healthcare Group (SPI) 251.60p 7.98%
RHI Magnesita N.V. (DI) (RHIM) 4,415.00p 3.64%
Equiniti Group (EQN) 288.00p 3.41%
Sirius Minerals (SXX) 24.82p 3.23%
Homeserve (HSV) 738.50p 2.71%
Purecircle Limited (DI) (PURE) 443.49p 2.66%
SSP Group (SSPG) 625.50p 2.46%
NewRiver REIT (NRR) 312.00p 2.30%
TI Fluid Systems (TIFS) 270.00p 2.27%
Fallers
AA (AA.) 91.76p -21.10%
FirstGroup (FGP) 85.10p -11.40%
Hochschild Mining (HOC) 206.30p -6.27%
Inmarsat (ISAT) 454.20p -5.12%
TalkTalk Telecom Group (TALK) 95.65p -5.01%
Metro Bank (MTRO) 3,448.00p -4.49%
Capita (CPI) 172.55p -4.35%
Hikma Pharmaceuticals (HIK) 954.40p -3.17%
Card Factory (CARD) 194.77p -3.10%
Vectura Group (VEC) 75.15p -2.97%