FTSE 250 movers: IDS delivers a rise on Kretinsky deal, IWG slumps

29th May 2024 15:38

(Sharecast News) - FTSE 250 (MCX) 20,490.57 -1.04%

IWG slumped on Wednesday after chief executive Mark Dixon sold 35m shares in the flexible workspace provider.

The shares were sold by Dixon's investment vehicle Estorn Limited at £1.9582 each. Proceeds from the disposal will be used to unwind pledge and lending arrangements entered into by Estorn with Deutsche Bank Luxembourg.

Analysts at Deutsche Bank placed a 'buy' recommendation on shares of Mitchells and Butlers following the pub owner's latest set of interim results.

They highlighted the improvement in the balance sheet as the company closes in on its target for a roughly £140m reduction in its debt pile after de-risking its long-standing pension deficit.

JLEN Environmental Assets Group reported a dip in net asset value on Wednesday, on the back of lower power prices and battery revenues.

The listed environmental infrastructure fund said NAV was £751.2m as at 31 March, compared to £777.7m as at 31 December. NAV per share fell to 113.6p from 117.6p.

National Express owner Mobico fell as it faced relegation from the FTSE 250.

The transport group "has run out of fuel as far as inclusion in the main FTSE indices is concerned" said Dan Coatsworth, investment analyst at AJ Bell.

"The company is set to fall out of the FTSE 250 at the next reshuffle following a disastrous period which has seen the share price decline in value. Results for 2023 missed expectations and guidance for 2024 failed to impress. On top of this, cost pressures have crimped margins and lower profitability in Germany hurt earnings."

First-quarter profits at Bank of Georgia were up by more than a fifth, helped by favourable macro conditions and the recent acquisition of Armenia's Ameriabank.

Adjusted profit came in at 369.1m Georgian lari (£107m), up 22.5% on last year, with net interest income rising 17.7% to GEL437.8m.

Wood Group said on Wednesday that it was evaluating a fourth and final "unsolicited, preliminary and conditional" takeover proposal from Dubai-based engineering and consulting firm Sidara at 230p a share.

Last week Wood rejected a third unsolicited £1.52bn or 220p a share takeover proposal from Sidara, as it continued to "significantly undervalue" the group and its prospects. This was up from two earlier proposals at 212p and 205p.

Market Movers

FTSE 250 - Risers

International Distribution Services (IDS) 334.80p 4.23%

Ithaca Energy (ITH) 120.30p 3.00%

TP Icap Group (TCAP) 213.50p 2.89%

Mitchells & Butlers (MAB) 305.00p 2.52%

Apax Global Alpha Limited (APAX) 157.00p 2.08%

PureTech Health (PRTC) 230.00p 1.77%

GCP Infrastructure Investments Ltd (GCP) 75.50p 1.21%

Jlen Environmental Assets Group Limited NPV (JLEN) 86.00p 1.18%

SThree (STEM) 436.50p 1.16%

CMC Markets (CMCX) 283.00p 1.07%

FTSE 250 - Fallers

IWG (IWG) 186.30p -10.00%

Mobico Group (MCG) 55.90p -5.73%

Wood Group (John) (WG.) 180.40p -5.20%

Bank of Georgia Group (BGEO) 3,745.00p -4.59%

Trustpilot Group (TRST) 205.50p -4.42%

Ibstock (IBST) 165.40p -4.28%

Moonpig Group (MOON) 155.20p -4.20%

Carnival (CCL) 1,057.00p -4.08%

Tritax Eurobox (GBP) (EBOX) 54.30p -4.06%

Hill and Smith (HILS) 2,010.00p -3.83%