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FTSE 250 movers: 888 surges; TI Fluid Systems hit by downgrade
(Sharecast News) - London's FTSE 250 was down 0.1% at 21,080.83 in afternoon trade on Thursday. 888 Holdings surged to the top of the index after it and Caesars Entertainment agreed a cut in the deal value of William Hill's international assets due to tougher economic and regulatory conditions. 888 also unveiled plans to raise funds via a placing to help pay for its acquisition of the non-US operations.
TI Fluid Systems tumbled after Jefferies downgraded the shares to 'hold' from 'buy' and slashed the price target to 195p from 350p.
Jefferies said conditions faced by the automotive parts maker were among the most difficult in its coverage. The bank said that while the long-term equity story remains attractive, 2022 will be "another highly challenging year".
Jefferies also said that the company's ability to recover raw material and inflationary costs from customers in FY22 is lower than expected, while expectations on electrification upside "may be too high".
Countryside Properties tumbled as it said annual profit would fall after the housebuilder published a damning review of its own operations. The company said it expanded too quickly and botched the acquisition of Westleigh in 2018. Project delays, poor workmanship and rising costs also affected the group at some sites.
FTSE 250 - Risers
888 Holdings (888) 227.00p 18.23% Baltic Classifieds Group (BCG) 151.20p 3.85% Chrysalis Investments Limited NPV (CHRY) 181.40p 3.66% AJ Bell (AJB) 314.60p 3.62% Trustpilot Group (TRST) 149.60p 3.46% Workspace Group (WKP) 706.00p 3.29% Caledonia Investments (CLDN) 3,615.00p 2.84% Helios Towers (HTWS) 119.70p 2.84% Oxford Biomedica (OXB) 643.00p 2.72% Bytes Technology Group (BYIT) 506.50p 2.70%
FTSE 250 - Fallers
TI Fluid Systems (TIFS) 157.40p -13.13% Countryside Partnerships (CSP) 243.00p -12.78% Direct Line Insurance Group (DLG) 263.50p -5.39% Vistry Group (VTY) 913.50p -5.19% Network International Holdings (NETW) 265.60p -4.60% Savills (SVS) 1,072.00p -4.54% Unite Group (UTG) 1,115.00p -3.71% Energean (ENOG) 1,232.00p -3.45% Pets at Home Group (PETS) 324.40p -3.22% Marshalls (MSLH) 671.00p -3.10%
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