FTSE 250 movers: Renewi surges; Renishaw slumps

(Sharecast News) - FTSE 250 (MCX) 20,929.16 0.23% Waste management firm Renewi shot higher on Thursday as it agreed to be bought by Australian investment firm Macquarie Asset Management in a £707m deal.

Under the terms of the acquisition, Macquarie will pay 870p per share in cash. This is a premium of about 57% to the closing share price 27 November 2024, which was the last day before the start of the offer period.

Renewi has rejected several offers from Macquarie on the basis that they fundamentally undervalued the company but said last November that it was "minded to recommend" the 870p a share proposal should a firm offer be made.

Insurer Lancashire Holdings said on Thursday that it expects to incur net ultimate losses of between $145m and $165m related to the California wildfires.

This estimate falls within its modelled loss ranges for this type of catastrophe event.

Maloney said the company will provide a further update on its position regarding these losses and further guidance for 2025 with its full-year results in March.

Lancashire said its preliminary estimate has been derived from a combination of market data and assumptions, a limited number of provisional loss advices, limited client loss data and modelled loss projections.

The actual ultimate loss may vary from the preliminary estimate "as additional information emerges", it said.

Tate & Lyle reported third quarter volume and EBITDA growth in an update on Thursday, despite a decline in revenue before accounting for its acquisition of CP Kelco, although it said full-year earnings growth was now expected to be at the lower end of guidance.

Vistry shares sparked on Thursday as it revealed that US hedge fund Abrams Capital Management has lifted its stake in the housebuilder to 10.2% from 8.2%.

Renishaw shares were sliding even after it delivered a modest increase in revenue for the first half of its financial year on Thursday, reporting a 3% rise to £341.4m.

Market Movers

FTSE 250 - Risers

Wizz Air Holdings (WIZZ) 1,687.00p 5.97% Renewi (RWI) 852.00p 4.41% Vistry Group (VTY) 623.00p 3.83% Bluefield Solar Income Fund Limited (BSIF) 86.70p 3.09% Burberry Group (BRBY) 1,191.50p 3.07% Pennon Group (PNN) 468.60p 2.72% Senior (SNR) 162.00p 2.53% W.A.G Payment Solutions (WPS) 68.00p 2.41% Zigup (ZIG) 315.00p 2.11% Watches of Switzerland Group (WOSG) 561.50p 2.09%

FTSE 250 - Fallers

Renishaw (RSW) 3,155.00p -11.87% Tate & Lyle (TATE) 584.00p -7.59% Lancashire Holdings Limited (LRE) 601.00p -4.45% The Renewables Infrastructure Group Limited (TRIG) 76.80p -3.76% NextEnergy Solar Fund Limited Red (NESF) 66.55p -3.27% Target Healthcare Reit Ltd (THRL) 82.90p -3.27% Indivior (INDV) 788.50p -3.19% Greencoat UK Wind (UKW) 115.40p -2.62% Harbour Energy (HBR) 237.00p -2.59% Frasers Group (FRAS) 616.50p -2.30%