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FTSE 250 movers: B&M slides on profit warning; Quilter rallies
(Sharecast News) - London's FTSE 250 was down 0.2% at 22,061.27 in afternoon trade on Tuesday. B&M tumbled as the discount retailer said it expects full-year profits to fall by up to 18% as it reported a flat underlying sales performance in the UK in the first half.
Broker Peel Hunt, which rates the shares at 'buy' with a 400p price target, said: "The shares have been relatively weak, and with this warning, they are likely to remain under pressure for now."
On the upside, Quilter rallied as RBC Capital Markets suggested it could be a potential takeover target for Lloyds.
RBC noted that UK banks, and particularly Lloyds, are under penetrated in wealth management, missing out on relatively high structural growth and returns.
"In light of narrowing valuation differentials, we think that the imminent introduction of Target Support could act as a catalyst for Lloyds to acquire a wealth manager, and we see Quilter as a particularly attractive proposition," it said.
Lion Finance Group was also in the black after JPMorgan Cazenove started coverage the stock with an 'overweight' rating and 9,200p price target.
It said the company offers exposure to high growth Georgian and Armenian economies with dominant market shares in consolidated banking markets.
"We expect an earnings per share compound annual growth rate of 12% across '24-27, driven by strong volume growth, which supports an NII CAGR of 13% 25-27E and is among the highest in the sector," JPM said.
FTSE 250 - Risers
Pinewood Technologies Group (PINE) 413.50p 4.03% Spire Healthcare Group (SPI) 241.50p 2.99% Quilter (QLT) 166.60p 2.97% Lancashire Holdings Limited (LRE) 694.00p 2.36% Close Brothers Group (CBG) 500.50p 2.18% Lion Finance Group (BGEO) 7,755.00p 1.57% W.A.G Payment Solutions (EWG) 91.40p 1.56% Ashmore Group (ASHM) 182.30p 1.39% Trustpilot Group (TRST) 219.40p 1.39% Computacenter (CCC) 2,804.00p 1.37%
FTSE 250 - Fallers
B&M European Value Retail S.A. (DI) (BME) 236.10p -7.85% Aston Martin Lagonda Global Holdings (AML) 70.35p -3.76% Discoverie Group (DSCV) 610.00p -2.56% Diversified Energy Company (DEC) 989.00p -2.37% Frasers Group (FRAS) 727.00p -2.15% Tate & Lyle (TATE) 363.80p -1.89% Hays (HAS) 56.80p -1.82% Playtech (PTEC) 354.50p -1.80% Oxford Biomedica (OXB) 626.00p -1.73% Greencoat UK Wind (UKW) 108.40p -1.63%
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