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FTSE 250 movers: JLT and Tullett jag lower, Evraz rides steel spike

Tue, 08th Nov 2016 12:11

(ShareCast News) - The FTSE 250 was led moderately lower on Tuesday as most markets moved skittishly sideways ahead of a US election that is seen as having potentially widespread implications for the global economy. The expected boost to volatility from global markets was behind a rise of interdealer broker Tullett Prebon. In its third quarter results last week the company said it was benefiting from volatility associated with political uncertainty and increased speculation around potential shifts in monetary policy.Global economic uncertainty was less appreciated at insurance broker and employee benefits group Jardine Lloyd Thompson, though profit taking and the company's ongoing investment plans were equally responsible in contributing to the shares being sent to the bottom of the mid cap list.JLT felt its third quarter results showed resilience in the face of reinsurance pricing pressures in multiple markets and headwinds caused by the ongoing uncertainty, with management confident of delivering continued good levels of organic revenue growth. But while recent sterling weakness meant the expected benefit from the pound's weakness increased by £4m to £16m for the full year, the company said that the additional benefit would be more than offset by investments in the US and other growth markets as well as the challenging trading conditions.Paysafe Group was another faller despite an upbeat third-quarter update. The payment solutions provider said it remained on track to hit upgraded full year numbers but its shares continued to retreat from the 18-month high reached last month. Analysts at Canaccord Genuity explained: "While it is encouraging that guidance has been maintained, we believe there was a market expectation for an upgrade to full year expectations. We note that this management team has proven to be conservative and we believe that there is still a possibility that the full year could beat the top end of current guidance."Mike Ashley's Sports Direct International rebounded down from a two-month high as reports emerged late on Monday about a trip by MPs to the retailer's warehouse facilities. MPs from the Business and Skills Committee gave Sports Direct a one-hour warning before turning up on Monday and MP Anna Turley later said that a recording device had been planted in the room where they had gathered for private discussions.Sports Direct said it did not authorise or have any knowledge of the device and that it was "delighted" that members of the BIS Committee visited but "disappointed" that they chose to do so when they knew founder Mike Ashley would not be on site.Russian steelmaker Evraz made a late afternoon burst to the top of the risers. Steel prices have been strong in recent weeks, with Chinese steel rebar up 1.9% overnight and data out of China showing a strikingly steep decline in steel exports, which were down to the lowest level in more than one and a half years. Moreover, late on Tuesday afternoon, it was reported that the European Union's 'OLAF' anti-fraud office has begun investigating whether Chinese companies shipped steel through other countries to avoid anti-dumping duties. Reuters reported that OLAF is looking into several cases where Chinese steel firms shipped the metal to another country, disguised its origin, and then shipped it on to Europe in a process known as "transshipment".Risers had earlier been led by engineer WS Atkins, about which there was little news apart from a hiked target price at JP Morgan Cazenove. There were no material changes to earnings estimates but the price target was lifted by a pound to 1,750p "due to a change in valuation methodology".Student accommodation developer and manager Unite said occupancy across the portfolio was at 98% for the academic year with average rental growth for the full year of 3.8%. Given the high occupancy and rental growth performance in line with the board's expectations, the firm said it remained on track to deliver an EPS yield of around 4.5% in 2016.Electra Private Equity said that it plans to return up to £200m to shareholders by a way of a tender offer. The company said the return of excess cash to shareholders should reduce the negative impact of holding this cash on growth in net asset value per ordinary share.Specialist insurer Hiscox solid third quarter result also boosted peer Beazley.Hiscox said gross written premiums grew by 14.3% in local currency to £1.86bn in the first nine months of the year, with a "strong performance" across all segments. In sterling terms gross written premiums grew by 20.9%, helped by material foreign exchange gains. Hiscox's London Market and Reinsurance arms continued to face difficult trading conditions, though the retail businesses perfo FTSE 250 - RisersEvraz (EVR) 203.70p 2.77%Tullett Prebon (TLPR) 402.90p 1.85%Unite Group (UTG) 569.00p 1.61%Atkins (WS) (ATK) 1,553.00p 1.57%Investec (INVP) 505.00p 1.30%Pennon Group (PNN) 808.00p 1.25%UDG Healthcare Public Limited Company (UDG) 673.50p 1.20%Hochschild Mining (HOC) 263.90p 1.15%AA (AA.) 259.50p 1.13%Electra Private Equity (ELTA) 4,467.00p 1.11%FTSE 250 - FallersJardine Lloyd Thompson Group (JLT) 982.00p -3.82%Sophos Group (SOPH) 229.30p -3.66%Sports Direct International (SPD) 313.90p -3.42%Paysafe Group (PAYS) 416.60p -3.16%Shawbrook Group (SHAW) 238.00p -2.66%JRP Group (JRP) 116.80p -2.59%Laird (LRD) 135.50p -2.52%Amec Foster Wheeler (AMFW) 409.00p -2.48%IP Group (IPO) 140.30p -2.43%Tullow Oil (TLW) 259.80p -2.40%
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