London’s FTSE 250 was up 0.1% at 21,114.18 in afternoon trade on Tuesday.
Micro Focus surged to the top of the index after the software firm reinstated its dividend, despite a near $3bn impairment charge pushing it deep into the red.
Spirent Communications got a boost as Canaccord Genuity upgraded the shares to ‘buy’ from ‘hold’ and upped the price target to 275p from 250p, as it said “growth acceleration” was around the corner.
Bellway grained ground after the housebuilder hailed record first-half completions amid “robust” demand. Bellway said that during the half, completions rose 6.3% to 5,656, while strong underlying demand saw the private reservation rate rise to 156 per week from 151 in the same period a year ago. Peer Crest Nicholson also rose.
Electrocomponents pushed higher as JPMorgan Cazenove upped the stock to ‘overweight’ from ‘neutral’ and hiked the price target to 1,103p from 799p, arguing that it’s a “great” company with an “OK” valuation. JPM noted that trading in the third quarter bounced back quicker than anticipated, with 8% group like-for-like growth, versus a 4% decline the second quarter.
On the downside, travel stocks fell, with budget airline easyJet and cruise operator Carnival both lower after Health Secretary Matt Hancock announced tighter quarantine rules for certain travellers to England.
FTSE 250 – Risers
Micro Focus International (MCRO) 522.40p 6.24%
Spirent Communications (SPT) 246.00p 5.35%
Coats Group (COA) 66.70p 3.57%
Network International Holdings (NETW) 349.20p 3.01%
Bellway (BWY) 3,120.00p 2.97%
Clarkson (CKN) 2,640.00p 2.92%
Grafton Group Ut (GFTU) 944.50p 2.89%
Electrocomponents (ECM) 970.00p 2.86%
Greencore Group (GNC) 126.70p 2.84%
Crest Nicholson Holdings (CRST) 332.00p 2.79%
FTSE 250 – Fallers
IWG (IWG) 346.80p -3.56%
easyJet (EZJ) 798.80p -3.20%
HICL Infrastructure (HICL) 169.00p -3.10%
XP Power Ltd. (DI) (XPP) 5,140.00p -3.02%
Carnival (CCL) 1,328.50p -2.96%
FirstGroup (FGP) 80.25p -2.73%
Airtel Africa (AAF) 78.00p -2.50%
Watches of Switzerland Group (WOSG) 665.00p -2.49%
Hochschild Mining (HOC) 228.60p -2.31%
International Public Partnerships Ltd. (INPP) 170.00p -2.30%
