(Sharecast News) - London's FTSE 250 was down 1.27% at 19,620.45 in afternoon trade on Wednesday, with Riverstone Energy leading the index lower.
PureTech Health also dropped after confirming it will issue 2,126,338 new ordinary shares to help fund its acquisition of the remaining 10% of Ariya Therapeutics.
Hastings fell after the insurer was hit by a downgrade to 'underperform' at RBC Capital Markets, as analysts said they expected to see UK motor insurance firms come under pressure due to reduced pricing and noted that Hastings was particularly exposed.
Up at the other end of the index, defence technology company QinetiQ gained after agreeing to buy Manufacturing Techniques Inc. in a deal that will more than double the size of its US operations.
William Hill followed close behind as fellow bookmaker Flutter Entertainment, formerly Paddy Power, surged on the FTSE 100 as it agreed an all-share merger with Nasdaq and Toronto-listed Stars Group.
High street baker Greggs was in the green, recovering some ground after falling in the previous session after it reported sales in line with expectations but slowing momentum.
Pets at Home edged higher after analysts at Shore Capital said the retailer is making good progress with its new strategy following a visit to one of its new format stores at Stockport.
Finally, Sirius Real Estate inched higher after the property company reported that it has continued to trade in line with expectations despite its declining rent roll.
Market Movers
FTSE 250 (MCX) 19,620.45 -1.27%
FTSE 250 - Risers
QinetiQ Group (QQ.) 307.13p 5.33%
William Hill (WMH) 193.80p 4.03%
Greggs (GRG) 1,898.00p 3.83%
PZ Cussons (PZC) 210.50p 3.19%
Kainos Group (KNOS) 465.00p 2.20%
Big Yellow Group (BYG) 1,075.00p 1.70%
Airtel Africa (AAF) 49.50p 1.52%
Centamin (DI) (CEY) 126.75p 1.40%
Pets at Home Group (PETS) 218.20p 1.02%
Sirius Real Estate Ltd. (SRE) 73.00p 0.97%
FTSE 250 - Fallers
Riverstone Energy Limited (RSE) 545.00p -6.03%
Aston Martin Lagonda Global Holdings (AML) 479.00p -5.97%
PureTech Health (PRTC) 240.00p -5.88%
Hastings Group Holdings (HSTG) 194.20p -4.62%
Sirius Minerals (SXX) 3.58p -4.48%
TI Fluid Systems (TIFS) 185.20p -4.44%
Kaz Minerals (KAZ) 400.40p -4.39%
Intermediate Capital Group (ICP) 1,353.00p -4.25%
Victrex plc (VCT) 2,060.00p -4.19%
Micro Focus International (MCRO) 1,056.80p -4.15%
29 Jul 2020 16:02
Hastings confirms takeover approach from consortium led by Sampo, RMI
(Sharecast News) - Hastings confirmed on Wednesday that it has been approached by a consortium led by Finnish insurer Sampo and its biggest shareholder, Rand Merchant Investment Holdings, about a possible cash offer.
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