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(Sharecast News) - London's FTSE 250 was down 0.23% at 19,436.03 in afternoon trade on Monday, with SIG leading the index lower.
The building materials supplier tumbled after it warned on profits, citing deteriorating markets caused by Brexit worries and a weaker German economy as it said it now anticipated "significantly lower" full-year underlying profits in both its specialist distribution and roofing merchanting businesses.
SIG also announced the sale of its air handling division and building solutions business for a combined £235.8m, with most of the net cash proceeds set to be used to cut debt and reduce leverage.
Russ Mould, investment director at AJ Bell, said: "SIG has issued numerous profit warnings in the past few years as the UK construction market goes through a very difficult patch. Right-sizing its business now could be a sensible thing to do, particularly as it is managing to sell assets on decent valuation multiples."
Shares of Polypipe, Howden Joinery, Grafton, Travis Perkins and Balfour Beatty were all lower following the news.
Up at the other end of the index, shipping services provider Clarkson led the risers and Sabre Insurance edged higher as analysts at Canaccord reiterated their 'buy' rating of the stock.
Analysts argued that the latter was the "least exposed" insurer to potential pricing restrictions that the Financial Conduct Authority said it is considering in its delayed interim report.
Market Movers
FTSE 250 (MCX) 19,436.03 -0.23%
FTSE 250 - Risers
Clarkson (CKN) 2,547.75p 5.50%
Restaurant Group (RTN) 133.02p 3.19%
Hunting (HTG) 433.40p 2.22%
Genus (GNS) 2,953.21p 1.83%
Airtel Africa (AAF) 51.06p 1.81%
Telecom Plus (TEP) 1,240.00p 1.81%
Wizz Air Holdings (WIZZ) 3,587.00p 1.76%
VinaCapital Vietnam Opportunity Fund Ltd. (VOF) 340.86p 1.75%
Premier Oil (PMO) 75.63p 1.71%
Sabre Insurance Group (SBRE) 288.00p 1.59%
FTSE 250 - Fallers
SIG (SHI) 100.00p -16.32%
Polypipe Group (PLP) 394.40p -3.76%
Grafton Group Units (GFTU) 711.75p -3.69%
Howden Joinery Group (HWDN) 537.80p -3.10%
TI Fluid Systems (TIFS) 181.00p -2.69%
Micro Focus International (MCRO) 1,036.40p -2.50%
B&M European Value Retail S.A. (DI) (BME) 357.70p -2.48%
Travis Perkins (TPK) 1,224.00p -2.16%
Balfour Beatty (BBY) 211.80p -2.13%
Electrocomponents (ECM) 594.00p -2.11%
Today 09:39
Sabre Insurance appoints Rebecca Shelley as permanent chair
(Alliance News) - Sabre Insurances Group PLC on Friday said Rebecca Shelley is to remain as chair of the company on a permanent basis.
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