London’s FTSE 250 was down 0.5% at 24,131.62 in afternoon trade on Tuesday.
Meggitt tumbled after US aerospace manufacturer TransDigm said it does not plan to make an offer for the London-listed defence and aerospace engineer following “quite limited” due diligence information, clearing the way for Parker-Hannifin.
Meggitt announced last month that it had received an unsolicited takeover approach from TransDigm at 900p a share. This came just a week after the company agreed to be bought by US rival Parker-Hannifin for £6.3bn, or 800p a share.
TP ICAP lost ground after it said annual revenue at constant currency would be broadly unchanged despite falling profit and income in the first half of the year. Pre-tax profit declined to £28m in the six months to the end of June from £78m a year earlier as revenue dropped to £936m from £990m.
IntegraFin was also in the red after founder Michael Howard sold a 1.1% stake in the Transact owner. Howard sold just over 3.5m shares at 563p each via an accelerated bookbuild to institutional investors.
Marks & Spencer was boosted by an upgrade to ‘buy’ from ‘neutral’ at UBS, which said its analysis suggests further earnings upside.
FTSE 250 – Risers
Marks & Spencer Group (MKS) 188.60p 4.17%
Harbour Energy (HBR) 389.40p 3.45%
AO World (AO.) 234.60p 2.99%
Apax Global Alpha Limited (APAX) 218.00p 2.83%
Reach (RCH) 418.50p 2.70%
Homeserve (HSV) 1,013.00p 2.43%
SSP Group (SSPG) 267.60p 2.25%
888 Holdings (888) 415.00p 2.07%
TUI AG Reg Shs (DI) (TUI) 308.20p 1.99%
Trainline (TRN) 375.40p 1.84%
FTSE 250 – Fallers
Meggitt (MGGT) 741.60p -11.63%
TP Icap Group (TCAP) 177.66p -9.84%
IntegraFin Holding (IHP) 562.00p -4.75%
Bytes Technology Group (BYIT) 542.00p -3.04%
Synthomer (SYNT) 528.50p -2.94%
National Express Group (NEX) 243.00p -2.80%
Dechra Pharmaceuticals (DPH) 4,794.00p -2.52%
AJ Bell (AJB) 424.80p -2.48%
Elementis (ELM) 153.40p -2.48%
Petropavlovsk (POG) 20.80p -2.44%
