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FTSE 250 movers: Direct Line slides; Johnson Matthey lifted by upgrade
(Sharecast News) - London's FTSE 250 was down 1.4% at 20,232.74 in afternoon trade on Wednesday. Direct Line slid after the insurance company reported lower gross premiums for the first quarter as new rules on pricing practices impacted results.
Aston Martin Lagonda gained after it reported a rise in adjusted core earnings amid strong retail demand and announced the appointment of former Ferrari boss Amedeo Felisa as chief executive.
Johnson Matthey was on the rise after Jefferies upgraded the shares to 'buy' from 'hold', lifting the price target to 2,600p from 2,100p after Standard Investments took a stake in the company.
Last week, New York-based Standard Investments took a stake of around 5% in JMAT.
"There is no communication from the investor (aside from the disclosed investment), but this follows a track record of active investment in Chemicals globally, Europe and in catalyst markets (Clariant)," Jefferies noted. "Most relevant is its recent acquisition of W.R. Grace (major process catalyst producer - similar to JM's ENR process technologies business) last year at a 74% premium to the undisturbed price."
FTSE 250 - Risers
Aston Martin Lagonda Global Holdings (AML) 927.80p 9.72% Johnson Matthey (JMAT) 2,325.00p 4.49% Discoverie Group (DSCV) 736.00p 2.94% TI Fluid Systems (TIFS) 167.40p 2.32% Polymetal International (POLY) 261.00p 2.03% AJ Bell (AJB) 250.80p 1.87% Chemring Group (CHG) 366.00p 1.81% Diversified Energy Company (DEC) 126.00p 1.69% Mitie Group (MTO) 56.10p 1.45% NB Private Equity Partners Ltd. (NBPE) 1,540.00p 1.32%
FTSE 250 - Fallers
LondonMetric Property (LMP) 235.40p -7.61% Direct Line Insurance Group (DLG) 242.30p -5.17% Watches of Switzerland Group (WOSG) 965.50p -5.06% Molten Ventures (GROW) 644.00p -4.73% HGCapital Trust (HGT) 388.50p -4.66% Pantheon International (PIN) 297.00p -4.65% Wizz Air Holdings (WIZZ) 3,067.00p -4.63% Urban Logistics Reit (SHED) 172.50p -4.43% Frasers Group (FRAS) 656.00p -4.37% Computacenter (CCC) 2,572.00p -4.32%
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