(Sharecast News) - London's FTSE 250 was down 0.39% at 19,405.27 in afternoon trading on Tuesday, with Restaurant Group leading the index lower.
The Wagamama owner was trading down after saying it swung to a first-half pre-tax loss of £87.7m from a profit of £12.2m the previous year as it took a hit from an exceptional pre-tax charge of £115.7m.
Still, revenue surged nearly 60% and the company said trading remains in line with its expectations for the year.
Russ Mould, investment director at AJ Bell, said: "Expectations have been fairly high for Restaurant Group's recovery after the market had time to digest the (expensive) purchase of Wagamama and how it might actually help to revive the group. It also seemed as if management had finally got a grasp on the problems hanging over its other brands including Frankie & Benny's."
"Unfortunately its half year results don't quite live up to the hype around its recovery efforts. Yes, Wagamama is doing well and there are signs of progress with repairing its other interests. But there are a few items on the menu which leave investors with a stomach ache."
Kaz Minerals and Ferrexpo were both also lower as iron prices dropped on the back of a slowdown in production at Chinese steel mills.
Elsewhere, stocks with UK exposure weighed, with housebuilder Galliford Try dropped along with retailers B&M European Value and Sports Direct.
Up at the other end of the index, Irn-Bru manufacturer AG Barr led the risers, while precious metals miners Acacia Mining and Centamin followed close behind after gold prices surged as Brexit uncertainty reached fever pitch.
Finally, NewRiver REIT also made gains as analysts at Liberum reiterated their 'buy' rating of the stock as they commented that the real estate investor's asset sales in the current year are currently tracking ahead of schedule.
Market Movers
FTSE 250 (MCX) 19,405.27 -0.39%
FTSE 250 - Risers
Barr (A.G.) (BAG) 621.16p 5.46%
Vivo Energy (VVO) 123.80p 4.03%
Acacia Mining (ACA) 272.46p 2.97%
Centamin (DI) (CEY) 149.90p 2.67%
NewRiver REIT (NRR) 172.50p 2.43%
Ted Baker (TED) 951.50p 2.31%
Aston Martin Lagonda Global Holdings (AML) 483.66p 2.17%
Games Workshop Group (GAW) 4,546.19p 2.16%
GVC Holdings (GVC) 660.60p 2.04%
Energean Oil & Gas (ENOG) 1,006.00p 2.03%
FTSE 250 - Fallers
Restaurant Group (RTN) 137.30p -10.96%
Intu Properties (INTU) 34.99p -8.43%
Kaz Minerals (KAZ) 377.20p -6.03%
FDM Group (Holdings) (FDM) 758.00p -4.53%
Galliford Try (GFRD) 567.12p -3.96%
Ferrexpo (FXPO) 194.30p -3.95%
B&M European Value Retail S.A. (DI) (BME) 347.40p -3.74%
Coats Group (COA) 72.10p -3.55%
Sports Direct International (SPD) 234.74p -3.24%
Tullow Oil (TLW) 199.20p -3.16%
25 Apr 2016 09:35
Acacia Mining's shares fall as Numis cuts rating to 'add' from 'buy'
(ShareCast News) - Numis on Monday reduced Acacia Mining's rating to 'add' from 'buy' following the recent rally in shares. The broker, however, raised its target price to 400p from 310p as it upgraded its forecasts for gold prices for 2016 and 2017. "The main driver of this is an increase in our 2
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