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FTSE 250 movers: Hikma rallies; Countryside hit by Oaktree stake sale
(WebFG News) - London's FTSE 250 was up 0.2% to 20,191.13 in afternoon trade on Friday.
Hikma Pharmaceuticals was the top gainer after it launched a generic injectable product to counter a shortage in the US market for products to counter heart problems associated with commonly prescribed chemotherapy drugs.
Hikma's US subsidiary West-Ward Pharmaceuticals has launched dexrazoxane for injection, the generic equivalent to Zinecard, in 250mg and 500mg vials.
Esure was on the front foot as Peel Hunt said its low-risk footprint looks undervalued and upgraded the stock to 'buy' from 'add', nudging the price target up to 300p from 295p.
"A growing footprint and surprisingly benign claims inflation should support margins," said Peel, noting that the shares already appear to be factoring in a softening of the UK motor rate cycle. In addition, it argued that the stock looks undervalued at around 9x 2019 price-to-earnings -compared to a sector average of 11x - and a 7% yield.
Ultra Electronics recovered from heavy losses in the previous session, when it was hit by news that the UK's serious Fraud Office has opened a criminal investigation into suspected corruption in the conduct of its Algeria business.
On the downside, Countryside Properties was in the red after OCM Luxembourg Coppice Topco - an entity owner by asset manager Oaktree Capital - sold its entire 8% stake in the housebuilder and urban regeneration company.
Jefferies acted as sole bookrunner, placing 36.2m shares in the company at 358p through in an accelerated bookbuild.
Pub group Greene King was weaker as Berenberg cut its price target and estimates on the stock and reiterated its 'sell' rating.
FTSE 250 - Risers
Hikma Pharmaceuticals (HIK) 1,241.00p 4.77%
Saga (SAGA) 131.47p 3.20%
esure Group (ESUR) 228.00p 3.07%
Ultra Electronics Holdings (ULE) 1,363.00p 3.02%
Inmarsat (ISAT) 374.50p 2.88%
Stagecoach Group (SGC) 159.82p 2.78%
BCA Marketplace (BCA) 187.80p 2.62%
Dunelm Group (DNLM) 574.50p 2.59%
IP Group (IPO) 137.60p 2.53%
PZ Cussons (PZC) 243.80p 2.18%
FTSE 250 - Fallers
Sanne Group (SNN) 601.00p -3.84%
Countryside Properties (CSP) 359.40p -3.13%
Greene King (GNK) 566.00p -2.55%
Wizz Air Holdings (WIZZ) 3,234.00p -2.06%
Sophos Group (SOPH) 503.50p -1.95%
Hochschild Mining (HOC) 220.40p -1.87%
Merlin Entertainments (MERL) 344.80p -1.68%
Essentra (ESNT) 434.20p -1.50%
Wetherspoon (J.D.) (JDW) 1,168.00p -1.35%
GVC Holdings (GVC) 960.55p -1.23%