London’s FTSE 250 was down 1.5% at 22,620.23 in afternoon trade on Thursday.
TI Fluid Systems was knocked lower by a downgrade to ‘add’ from ‘buy’ at Numis.
“Although we see longer-term outperformance versus global light vehicle production, as the group continues to win content on new electric vehicle platforms, we see near-term risk to forecasts due to volatility in light vehicle production,” it said.
It cuts its price target on the shares to 350p from 370p and reduced its FY2021 and FY2022 earnings per share forecasts 11% and 7%, respectively.
Electrocomponents was also weaker after saying in a first-quarter update that it expects industry supply chain constraints to reduce both product availability and customer demand into the balance of the year, slowing top line growth.
Cairn Energy energy bucked the trend after it was authorised to seize more than €20m of Indian state assets in France in a long running tax dispute, according to a report.
A French tribunal froze about 20 properties in central Paris at Cairn’s request. The Indian government will seek “legal remedies” when it receives notice from the French court, the BBC said.
FTSE 250 – Risers
NCC Group (NCC) 314.50p 1.78%
Cairn Energy (CNE) 152.00p 1.27%
Syncona Limited NPV (SYNC) 217.00p 1.17%
Convatec Group (CTEC) 252.70p 1.08%
Auction Technology Group (ATG) 1,192.00p 1.02%
Sanne Group (SNN) 839.00p 0.72%
Oxford Biomedica (OXB) 1,378.00p 0.58%
Hilton Food Group (HFG) 1,156.00p 0.52%
Genus (GNS) 5,120.00p 0.49%
Aggreko (AGK) 867.00p 0.46%
FTSE 250 – Fallers
Restaurant Group (RTN) 121.40p -6.47%
TI Fluid Systems (TIFS) 297.50p -5.41%
Network International Holdings (NETW) 355.00p -5.16%
Playtech (PTEC) 409.00p -5.10%
Carnival (CCL) 1,503.80p -4.54%
Trainline (TRN) 297.80p -4.24%
Meggitt (MGGT) 429.80p -4.08%
Wetherspoon (J.D.) (JDW) 1,166.00p -4.03%
Electrocomponents (ECM) 1,037.00p -3.98%
SSP Group (SSPG) 269.10p -3.93%
