Direct Line Share News (DLG)

(Sharecast News) - London's FTSE 250 was up 0.27% at 19,399.63 in afternoon trade on Friday, with Drax Group leading the index higher.

The power generation company's shares jumped after it successfully transported two 115-tonne transformers to its Cruachan ­pumped storage power station in Agyll and Bute, tackling the 80 mile journey at an average of 10 miles per hour.

Drax said the power station produces enough flexible electricity to power more than 90,000 households when it acquired it as part of a £702m deal back in January.

Down at the other end of the index, Homeserve was the top faller, while Marks & Spencer was knocked lower by a downgrade to 'reduce' at HSBC.

Precious metals miner Hochschild Mining was also lower after gold prices fell.

Insurer Direct Line was under pressure after the Financial Conduct Authority outlined a series of measures to address competition issues in the UK home and motor insurance market, pointing out that around 6m customers are paying high prices and not getting a good deal.

Analysts from JPMorgan said: "It is now clear that the FCA is looking to intervene in some form, and therefore the structure of the industry is likely to change. We believe home insurance sees the greatest cross subsidy between new and existing customers, but motor may also be affected."

Market Movers

FTSE 250 (MCX) 19,399.63 0.27%


FTSE 250 - Risers

Drax Group (DRX) 275.60p 9.80%
PureTech Health (PRTC) 248.00p 2.90%
Dunelm Group (DNLM) 837.50p 2.89%
Premier Oil (PMO) 75.13p 2.83%
Sanne Group (SNN) 518.00p 2.57%
Micro Focus International (MCRO) 1,065.00p 2.50%
Cairn Energy (CNE) 185.39p 2.48%
Murray International Trust (MYI) 1,178.00p 2.43%
Bakkavor Group (BAKK) 118.20p 2.43%
AJ Bell (AJB) 388.00p 2.37%

FTSE 250 - Fallers

Homeserve (HSV) 1,119.00p -4.28%
Marks & Spencer Group (MKS) 171.90p -3.91%
Restaurant Group (RTN) 124.20p -3.72%
Hochschild Mining (HOC) 181.40p -2.99%
Vivo Energy (VVO) 113.60p -2.74%
PayPoint (PAY) 878.00p -2.55%
Direct Line Insurance Group (DLG) 276.30p -2.44%
CYBG (CYBG) 106.05p -2.26%
PPHE Hotel Group Ltd (PPH) 1,800.00p -2.17%
Sirius Minerals (SXX) 3.60p -1.96%