FTSE 250 movers: Vistry, oil stocks slump; Wizz Air soars

(Sharecast News) - FTSE 250 (MCX) 23,411.20 0.37% Vistry shares slid on Monday following a report the housebuilder has offered voluntary redundancies to employees as it tries to preserve cash to shore up its business.

According to the Financial Times, which cited a message sent to employees by the chief executive and people familiar with the matter, Vistry emailed employees this week offering redundancy packages of up to two months' pay plus another payment. It was not clear how many employees received the offer.

Some of the people familiar with the company told the FT that Vistry has been managing its cash flow on a daily basis. The housebuilder warned last month that its efforts to generate cash will significantly reduce profits in the first half of the year.

It has been offering discounts and incentives to drive sales of homes on low-margin sites and those nearing completion in a sluggish housing market. It also said it would pause its share buyback to help reduce debt.

According to the FT, the email said: "We have been listening carefully to feedback from across the business . . . most colleagues feel proud of the work we do [and] value the contribution they make. However, there are also colleagues who feel less connected to Vistry's direction or less certain about their future here.

"We are therefore introducing the [voluntary exit scheme] to provide an opportunity for colleagues who feel that their future may lie outside Vistry to apply to leave the business on enhanced terms."

The email said employees can apply until 23 June.

A person familiar with the plans told the FT: "This is an entirely voluntary scheme for colleagues who feel their future may lie outside the business. There is no requirement or expectation for any colleague to participate."

Vistry said: "We have made it clear that we are prioritising cash generation and are taking decisive steps to reduce debt levels. While current market condition[s] are challenging for all companies in our sector, we continue to build at scale and pace, delivering the homes this country so desperately needs."

The stock was also hit as JPMorgan said on Monday that Persimmon remains its "top pick" in the UK housebuilding sector, as it downgraded its stance on Taylor Wimpey and Vistry to 'underweight' from 'neutral'.

Wizz Air shares jumped as the US and Iran agreed a tentative peace deal.

Precious metals miners and miners more generally were on the rise, with Hochschild and Endeavouramong the top performers.

On the downside Harbour Energy, Diversified Energy, Energean and Ithaca all fell in line with oil prices.

FTSE 250 - Risers

Hochschild Mining (HOC) 594.50p 11.23% Pan African Resources (PAF) 117.10p 7.82% Wizz Air Holdings (WIZZ) 1,152.00p 6.67% Raspberry PI Holdings (RPI) 870.00p 6.60% Endeavour Mining (EDV) 4,078.00p 6.37% Bridgepoint Group (Reg S) (BPT) 256.00p 4.91% Oxford Nanopore Technologies (ONT) 119.70p 4.53% Shawbrook Group (SHAW) 331.50p 4.25% Genuit Group (GEN) 275.40p 3.76% Pacific Horizon Inv Trust (PHI) 1,170.00p 3.73%

FTSE 250 - Fallers

Ithaca Energy (ITH) 230.80p -6.69% Vistry Group (VTY) 225.80p -5.97% QinetiQ Group (QQ.) 450.20p -4.98% Clarkson (CKN) 4,560.00p -4.97% Energean (ENOG) 709.00p -4.19% Frasers Group (FRAS) 757.50p -4.10% B&M European Value Retail (BME) 193.80p -3.62% Chemring Group (CHG) 507.50p -3.52% Harbour Energy (HBR) 248.80p -3.25% ITV (ITV) 80.70p -2.78%