London’s FTSE 250 was 0.4% lower at 23,685.87 in afternoon trade on Tuesday.
Trainline was in the red, giving up earlier gains, despite predicting a return to profit in the first half of the year as ticket sales recovered from the damage inflicted early in the pandemic.
Group net ticket sales were £666m in the three months to the end of August to stand at 71% of the total two years earlier. In the first half net ticket sales of £1bn were 54% of the level two years earlier.
On the upside, 888 was the top performer on the index, with traders pointing to a Berenberg note from Monday, in which the bank hiked its price target to 600p from 470p and “strongly reiterated” its ‘buy’ recommendation.
It said the acquisition of William Hill’s non-US assets makes strategic sense, adds scale, enables cost synergies and creates material value for shareholders. “In our opinion, the announced deal provides value creation materially ahead of our initial expectations, although there are evidently some uncertainties that remain,” it said.
FTSE 250 – Risers
888 Holdings (888) 413.60p 5.08%
WH Smith (SMWH) 1,641.50p 4.92%
Tullow Oil (TLW) 45.58p 4.49%
Cineworld Group (CINE) 65.02p 2.78%
Mediclinic International (MDC) 320.80p 2.43%
Inchcape (INCH) 852.00p 2.28%
Rotork (ROR) 361.80p 2.03%
Drax Group (DRX) 433.60p 2.02%
Contour Global (GLO) 194.20p 1.78%
Morgan Sindall Group (MGNS) 2,595.00p 1.76%
FTSE 250 – Fallers
Ferrexpo (FXPO) 347.60p -8.38%
Paragon Banking Group (PAG) 552.00p -2.99%
Cairn Energy (CNE) 183.30p -2.96%
Dr. Martens (DOCS) 391.60p -2.83%
Trainline (TRN) 367.80p -2.70%
Hochschild Mining (HOC) 151.00p -2.64%
BlackRock World Mining Trust (BRWM) 535.00p -2.55%
easyJet (EZJ) 575.40p -2.47%
Fidelity China Special Situations (FCSS) 344.50p -2.13%
Ninety One (N91) 256.00p -1.99%
