London’s FTSE 250 was up 0.5% at 23,578.52 in afternoon trade on Tuesday.
Watches of Switzerland was a high riser after it said revenue doubled in the first quarter as customers snapped up Rolex and other luxury timepieces online. Revenue rose to £297.5m in the three months to 1 August at constant currency from £151.6m a year earlier and by 46% compared with two years earlier, the company said in a trading update. Statutory revenue rose 96.2% from a year earlier.
Regus owner IWG was on the front foot after it said demand was strong as the flexible office group swung to a first-half loss after the Covid-19 crisis hit trading early in the period.
Babcock got a boost after JPMorgan lifted its price target on the overweight-rated stock to 400p from 350p as it argued that the management team has a credible turnaround plan.
The new management team’s disposals plan will strengthen the balance sheet and refocus the group on defence, aerospace and security, JP Morgan said. Babcock intends to sell about five businesses to raise more than £400m over the next 12 months.
Hedge fund manager Man Group was in the black after it launched a $100m share buyback programme.
FTSE 250 – Risers
Network International Holdings (NETW) 372.50p 6.86%
Watches of Switzerland Group (WOSG) 1,078.00p 5.27%
IWG (IWG) 334.90p 4.85%
Spirent Communications (SPT) 281.60p 4.30%
Capita (CPI) 44.77p 4.12%
Babcock International Group (BAB) 298.60p 3.93%
Volution Group (FAN) 492.00p 3.58%
Ferrexpo (FXPO) 451.40p 2.97%
Spire Healthcare Group (SPI) 229.00p 2.92%
Man Group (EMG) 215.30p 2.87%
FTSE 250 – Fallers
Liontrust Asset Management (LIO) 2,120.00p -2.75%
CLS Holdings (CLI) 254.50p -2.68%
Sirius Real Estate Ltd. (SRE) 117.00p -2.66%
Petropavlovsk (POG) 19.34p -2.42%
UK Commercial Property Reit Limited (UKCM) 79.70p -2.21%
Mediclinic International (MDC) 273.60p -2.15%
Cairn Energy (CNE) 168.50p -1.75%
Indivior (INDV) 163.50p -1.68%
Greencore Group (CDI) (GNC) 128.80p -1.68%
Cineworld Group (CINE) 63.16p -1.62%
