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FTSE 250 movers: Just Group surges on takeover; RHI Magnesita slides
(Sharecast News) - FTSE 250 (MCX) 22,015.23 1.10%
Shares in financial services firm Just Group rocketed by 68% after it agreed to be bought by US-based Brookfield Wealth Solutions in a £2.4bn deal.
JTC also rose sharply after the professional services business reported a record first half for new business wins and announced the acquisition of trust and estate planning services firm Kleinwort Hambros Trust (KHT).
Speciality chemicals firm Elementis traded higher early as it unveiled a new strategic framework aimed at accelerating growth and returns following a "strong financial performance" in H1.
Analysts at Berenberg lowered their target price on refractory products supplier RHI Magnesita from 4,000p to 4,400p on Thursday following the group's H1 earnings a day earlier.
RHI Magnesita highlighted lower profitability amid a persistently weak industrial backdrop in its H1 earnings, with adjusted underlying earnings down 26% year-on-year at €141m, impacted by deferred industrial projects, volume and pricing pressure affecting margins, and FX headwinds.
Berenberg noted that market conditions "remain difficult" and, as with its peer Vesuvius, passing on pricing in very subdued markets was "challenging", while RHI's product and project mix has exacerbated challenges.
Pets at Home fell as it cut its full-year profit guidance, pointing to "subdued" retail market growth rates.
FTSE 250 - Risers
Just Group (JUST) 211.50p 67.86% JTC (JTC) 925.00p 12.53% Chrysalis Investments Limited NPV (CHRY) 123.80p 10.54% Elementis (ELM) 171.00p 6.34% Drax Group (DRX) 711.50p 4.94% Polar Capital Technology Trust (PCT) 404.00p 2.80% Hammerson (HMSO) 302.20p 2.65% Henderson Smaller Companies Inv Trust (HSL) 880.00p 2.56% Allianz Technology Trust (ATT) 475.50p 2.48% Trustpilot Group (TRST) 250.40p 1.95%
FTSE 250 - Fallers
RHI Magnesita N.V. (DI) (RHIM) 2,495.00p -5.13% Diversified Energy Company (DEC) 1,108.00p -3.74% BlackRock World Mining Trust (BRWM) 549.00p -2.66% Pets at Home Group (PETS) 237.20p -2.55% Helios Towers (HTWS) 115.80p -2.36% Hochschild Mining (HOC) 272.00p -2.30% Raspberry PI Holdings (RPI) 419.90p -2.08% HICL Infrastructure (HICL) 119.20p -1.49% Mony Group (MONY) 200.60p -1.47% Burberry Group (BRBY) 1,318.50p -1.38%
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