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(Sharecast News) - London's FTSE 250 was down 0.11% at 19,597.31 in afternoon trading on Thursday, with CYBG leading the index lower.
The owner of Virgin Money and Clydesdale and Yorkshire Banks was sharply lower after it warned that it expects to increase its provision for legacy payment protection insurance costs by between £300m and £450m after a surge in claims ahead of the August deadline.
Pagegroup and Polymetal were a drag on the index as their stock went ex-dividend, while Woodford Patient Capital and Intu Properties dropped following the news that they will be relegated from the FTSE 250 index.
Precious metals miners Polymetal and Hochschild were also both lower as news of potential progress in US/China trade talks sent gold prices downwards.
Up at the other end of the index, specialist media publisher Future surged after saying it expects full-year core earnings to be "materially ahead" of expectations, driven by trading in the US and forex benefits in the final quarter.
John Wood Group followed close behind after analysts at Jefferies raised their rating of the stock from 'underperform' to 'hold', with analysts stating that the recently announced sale of Wood's nuclear business should mean net debt next year will finally be cut to a target of 1.5 times trading profit
Finally, transport firm Go-Ahead Group edged higher as it said revenues rose 10% to £3.81bn thanks to a strong performance by its bus operations in Singapore and new operations in Ireland, though pre-tax profits dropped following the loss of its London Midlands rail franchise.
Market Movers
FTSE 250 (MCX) 19,597.31 -0.11%
FTSE 250 - Risers
Future (FUTR) 1,314.00p 10.23%
Wood Group (John) (WG.) 377.50p 5.59%
B&M European Value Retail S.A. (DI) (BME) 375.66p 5.08%
Hunting (HTG) 468.60p 3.86%
Sports Direct International (SPD) 252.40p 3.78%
Kaz Minerals (KAZ) 414.60p 3.44%
Cairn Energy (CNE) 177.90p 3.31%
Playtech (PTEC) 380.60p 3.17%
Tullow Oil (TLW) 215.10p 3.02%
Go-Ahead Group (GOG) 2,212.00p 2.98%
FTSE 250 - Fallers
CYBG (CYBG) 109.99p -21.41%
Network International Holdings (NETW) 577.00p -7.97%
Vivo Energy (VVO) 122.60p -6.27%
PureTech Health (PRTC) 275.00p -5.17%
Pagegroup (PAGE) 406.50p -4.89%
Woodford Patient Capital Trust (WPCT) 42.85p -4.77%
Polymetal International (POLY) 1,161.50p -3.89%
Hochschild Mining (HOC) 215.28p -3.81%
Contour Global (GLO) 176.40p -3.61%
Intu Properties (INTU) 34.74p -3.23%
1 Nov 2023 10:45
IN BRIEF: John Wood Group hires Rolls-Royce executive as new CFO
John Wood Group PLC - Aberdeen, Scotland-based engineering and consulting - Hires Arvind Balan as its new chief financial officer, starting April 15 next year. Balan has been CFO of the Civil Aerospace division of jet engine maker Rolls-Royce Holdings PLC for the past two years. Before that, he worked for oil major Shell PLC for 14 years in the UK, Singapore and China. At John Wood, Balan replaces David Kemp, whose retirement was announced back in August, having worked at John Wood for a decade. "Wood has always stood out for me as a company with unique potential," incoming CFO Balan says.
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