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FTSE 250 movers: Synthomer the star after laminates sale, UBS upgrade
(Sharecast News) - FTSE 250: 19,227.17, up 2.17% at 1420 GMT. Synthomer surged after saying it had sold its laminates, films and coated fabrics businesses to Surteco North America for $255m (£208m). The stock also got a lift from an upgrade to 'buy' from 'neutral' at UBS, with a price target of 150 pence.
The cash will be used to repay debt in order to strengthen the group's balance sheet and support a reduction in leverage, the company said.
The cash will be used to to strengthen the group's balance sheet and support a reduction in leverage, the company said.
"This divestment is consistent with our recently announced strategy to increase the specialty weighting of our portfolio and focus on higher value, higher growth markets where we have strong and sustainable leadership positions," said chief executive Michael Willome.
"The proceeds represent excellent value for our shareholders and the transaction is a significant step in the deleveraging of the group."
Asos shares bounced back from Monday's fall, which was driven by a report the fast fashion retailer was in talks with lenders on appointing a restructuring expert.
FTSE 250 - Risers
Synthomer (SYNT) 135.00p 14.99% ASOS (ASC) 577.00p 6.46% Bridgepoint Group (Reg S) (BPT) 206.60p 6.44% Molten Ventures (GROW) 392.00p 6.29% Marks & Spencer Group (MKS) 126.65p 6.25% Liontrust Asset Management (LIO) 1,094.00p 6.21% Jupiter Fund Management (JUP) 137.00p 6.20% Aston Martin Lagonda Global Holdings (AML) 162.20p 5.87% Abrdn (ABDN) 198.30p 5.82% 888 Holdings (DI) (888) 96.20p 5.66%
FTSE 250 - Fallers
Volution Group (FAN) 354.50p -7.44% easyJet (EZJ) 372.70p -1.87% Hilton Food Group (HFG) 523.00p -1.13% Ferrexpo (FXPO) 155.60p -0.95% QinetiQ Group (QQ.) 348.60p -0.91% Investec (INVP) 474.10p -0.59% Moonpig Group (MOON) 123.30p -0.56% Beazley (BEZ) 640.00p -0.39% Darktrace (DARK) 308.50p -0.39% Premier Foods (PFD) 106.20p -0.38%
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