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(Sharecast News) - London's second-tier was 0.48% lower at 20,198.20 in afternoon trade on Wednesday, with John Wood Group leading the index lower.
Electronics retailer Dixons Carphone fell after the Competition and Markets Authority reprimanded the company for misleading customers on product warranties at its Currys PC World stores.
Hammerson and NewRiver REIT were both weaker after shopping centre owner Intu Properties said rental income for the year was set to drop and that it was considering a cash call amid tough trading conditions in the retail sector.
GVC Holdings was down for the third successive day after MPs recommended curbs on online casino games.
On the upside, Marks & Spencer rallied despite posting a 2% decline in interim revenue due to weaker home and clothing sales and a 17% drop in profits before tax and adjusted items.
Food like-for-like sales grew 0.9% driven by volume, while clothing & home like-for-like sales fell 5.5%, reflecting "first half shape of buy and supply chain issues", M&S said.
IG analyst Chris Beauchamp said: "The 3% rise in M&S shares looks odd given the fall in adjusted profit and the dividend cut, but the shares had lost 15% since their October high, so were primed for a bounce, if only a brief one."
Defence contractor Ultra Electronics climbed after it traded in line with expectations in the first nine months of the year, adding that order book development since its interim results was "good".
Finally, IT infrastructure specialist Softcat rose after analysts from Jefferies upped their rating of the stock from 'hold' to 'buy'.
Market Movers
FTSE 250 (MCX) 20,198.20 -0.48%
FTSE 250 - Risers
Marks & Spencer Group (MKS) 189.40p 3.87%
RHI Magnesita N.V. (DI) (RHIM) 3,744.00p 3.71%
Riverstone Energy Limited (RSE) 483.43p 3.30%
Ultra Electronics Holdings (ULE) 2,024.00p 3.05%
Softcat (SCT) 1,077.00p 2.87%
Syncona Limited NPV (SYNC) 234.00p 2.86%
Contour Global (GLO) 222.00p 1.83%
Watches of Switzerland Group (WOSG) 305.00p 1.67%
Bakkavor Group (BAKK) 124.00p 1.64%
Coats Group (COA) 72.50p 1.61%
FTSE 250 - Fallers
Wood Group (John) (WG.) 360.60p -3.79%
Dixons Carphone (DC.) 119.35p -3.75%
Beazley (BEZ) 561.50p -3.61%
Hammerson (HMSO) 281.00p -3.34%
Tullow Oil (TLW) 210.30p -3.27%
Kainos Group (KNOS) 510.00p -3.04%
4Imprint Group (FOUR) 2,960.00p -2.95%
Marston's (MARS) 118.60p -2.71%
NewRiver REIT (NRR) 194.60p -2.70%
GVC Holdings (GVC) 801.00p -2.67%
17 Apr 2023 12:12
LONDON MARKET MIDDAY: Stocks green amid takeover activity; pound soft
(Alliance News) - Stock prices in London were higher at midday on Monday as news of possible takeovers of FTSE 250 constituents gave a boost to investor sentiment.
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