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FTSE 250 movers: Broader rebound outweighs ongoing housing rout

Thu, 30th Jun 2016 15:29

(ShareCast News) - The FTSE 250 continued to rally on Thursday alongside its blue chip sibling as a broad-based rebound across sectors outweighed continued softness for housing-related stocks after the Brexit vote. Half an hour before the close, the FTSE 250 was up 0.65% to 16,106.31.Some of the rebounds may be temporary, notably short covering, said Capital Economics."More positively, though, we think that the markets are right to recognise that Brexit, and especially some form of Brexit-lite, would not be as damaging as so many were arguing ahead of the referendum."Esure was a high riser after a report suggested it was being circled by private equity firms and overseas insurance group amid signs founder Peter Wood may be willing to sell his 30% shareholding. Buyout groups, Sky News said, have been exploring takeover bids for Esure in recent weeks. But Esure said it has not received an approach and "continues to focus on its strategic review of Gocompare.com", announced on 7 June, "and will announce the results of the strategic review in due course". Sky had said it was unclear on whether any formal approaches have been made to Esure's board since its 7 June statement, or whether KKR's interest continued to be active. Nevertheless the shares hung onto most of their initial spike. Network security solutions company Sophos continued to rise for a second day after on Wednesday reporting strong first quarter trading with billings above board expectations, as part of its inaugural 'capital markets day'. The FTSE 250 firm said like-for-like billings growth is expected to be in the range of 20% to 23% year-over-year. On Thursday several analysts had positive comments, with broker Peel Hunt said it continued to believe that the company is "well positioned within the cybersecurity industry" and that the strategy of using a channel sales model is "showing strong positive signs". JP Morgan and UBS also issued positive notes. CLS Holdings was a strong riser as the London-centric property investor's broker completed its share buyback programme.Ocado was up, helped by a 'buy' rating from Goldman Sachs, which noted key metrics were still improving despite industry pressure and updated estimates post interim results. "Though our EBITDA estimates fall circa 5%-7%, underlying metrics continue to improve, with EBITDA margins up circa 50bp as listed peers have fallen circa 260 basis points over the last five years."Fallers, which were led by PayPoint as it went ex-dividend, also included brick maker Ibstock, residential property websites Zoopla Property, Rightmove, housebuilders Crest Nicholson and Bellway. Aldermore Group, one of several challenger banks to have suffered badly since the EU referendum result, continued to crater.A note from Barclays saw a near-halving of its target price to 120p. Barclays also cut its target for OneSavings 40% to 205p, though the stock rose 7% to 211.97p, while Shawbrook was cut 50% to 160p the share price closed the day nearly flat at 170.50p. FTSE 250 - RisersSoftcat (SCT) 327.20p 9.07%esure Group (ESUR) 281.90p 8.21%Safestore Holdings (SAFE) 355.10p 6.10%CLS Holdings (CLI) 1,403.00p 5.89%Evraz (EVR) 138.00p 5.75%Amec Foster Wheeler (AMFW) 481.40p 5.73%Wizz Air Holdings (WIZZ) 1,594.00p 5.56%Ocado Group (OCDO) 234.30p 5.54%Sophos Group (SOPH) 208.00p 5.48%Indivior (INDV) 250.30p 4.51%FTSE 250 - FallersPayPoint (PAY) 896.50p -7.48%Allied Minds (ALM) 349.50p -6.22%Zoopla Property Group (WI) (ZPLA) 251.90p -5.94%Ibstock (IBST) 130.80p -5.70%Aldermore Group (ALD) 114.50p -5.37%Brown (N.) Group (BWNG) 173.70p -4.24%Mitchells & Butlers (MAB) 230.10p -3.92%Crest Nicholson Holdings (CRST) 350.50p -3.79%Redrow (RDW) 308.80p -3.77%Rightmove (RMV) 3,578.00p -3.69%
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14 Mar 2018 08:43

Aldermore Group Shares Suspended Pending Company Announcement (ALLISS)

LONDON (Alliance News) - Shares in Aldermore Group PLC were suspended from trading on Wednesday at the company's request, pending an announcement.Challenger bank in

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6 Mar 2018 10:55

UPDATE 3-South Africa's FirstRand joins optimistic chorus on Ramaphosa era

* Outgoing CEO says very optimistic about future * FirstRand H1 profit growth slows to 6 pct vs 14 pct * Shares up 1.3 pct, lags rivals and broader market * Incoming CEO says

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6 Mar 2018 06:35

South African lender FirstRand reports slower H1 profit rise

JOHANNESBURG, March 6 (Reuters) - South Africa's No.1 lender by value, FirstRand, reported a 6 percent increase in half-year profit on Tuesday, a from

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16 Feb 2017 09:53

Panmure initiates coverage of challenger banks

(ShareCast News) - Panmure Gordon initiated coverage on several challenger banks on Thursday, highlighting a preference for specialist lenders as they have avoided direct competition with large UK banks and offer high growth and returns at attractive valuations. The brokerage started Aldermore, OneS

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16 Feb 2017 09:15

Thursday broker round-up

(ShareCast News) - QinetiQ: Canaccord downgrades to Hold with a target price of 285p. RBS: Deutsche Bank reiterates Underperform with a target price of 210p. Aldermore Group: Deutsche Bank reiterates Neutral with a target price of 210p. Smiths: Goldman Sachs reiterates Buy with a target price of 1

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16 Feb 2017 08:41

LONDON MARKET OPEN: Airlines Up As Cobham Suffers From Profit Warning

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7 Feb 2017 16:16

PRESS: Buy-To-Let Lender Charter Court Plans 2017 London Listing (ALLIPO)

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1 Feb 2017 15:33

Wednesday broker round-up

(ShareCast News) - SSE: Barclays reiterates overweight with a target price of 1695p. BP: HSBC reiterates buy, 590p target. Royal Dutch Shell B: Deutsche Bank reiterates buy with a 2450p target. Britvic: JP Morgan reiterates neutral with a 600p target. Intu: Deutsche Bank reiterates sell with a 2

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20 Dec 2016 10:31

WINNERS & LOSERS SUMMARY: Lloyds Shares Rise After MBNA Deal

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20 Dec 2016 09:06

Deutsche Bank ups Aldermore target price, sees further upside

(ShareCast News) - Deutsche Bank upped its price target on challenger bank Aldermore to 257p from 194p as it reiterated its 'buy' rating on the stock. It noted the shares are up 38% since the beginning of September amid an improved perception of the UK economy and following a better-than-expected th

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13 Dec 2016 10:09

Liberum initiates coverage of challenger banks, prefers OneSavings

(ShareCast News) - Liberum initiated coverage of five challenger banks with three 'buy' recommendations and two 'hold' stances. The brokerage started OneSavings Bank, Shawbrook and Aldermore at 'buy' with price targets of 395p, 290p and 245p, respectively. It said OneSavings is making regulatory ch

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1 Dec 2016 12:33

Aldermore First To Use Bank Of England's New Cheap Funding Scheme

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14 Nov 2016 14:05

FTSE 250 movers: Greencore and banks gain while gold miners fall

(ShareCast News) - The FTSE 250 index was in positive territory, just shy of 17,500, by the late afternoon on Monday. Irish food company Greencore led the risers, gaining on the back of jump in full-year revenue and earnings, a hike in its dividend and the proposed acquisition of Peacock Foods for a

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