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FTSE 250 movers: Future tumbles on CEO departure; Bellway drops
(Sharecast News) - London's FTSE 250 was down 0.2% at 21,068.81 in afternoon trade on Friday. Media group Future tumbled as it said that chief executive Jon Steinberg plans to step down from the board later next year to relocate back to the US with his family.
Russ Mould, investment director at AJ Bell, said: "Jon Steinberg was only appointed to the top role in April 2023 but he's already handed in his notice, saying it's time to move back to the US with his family.
"Investors have taken this to be a bad sign, dragging the shares down more than 10%. Future used to be a highly acquisitive business, snapping up titles to expand its empire of media assets which were then used as a platform to earn commission on product or service sales.
"The cost-of-living crisis and high interest rate environment knocked the company off track and it has been trying to regain momentum ever since. More recently, it has been shutting down the weaker parts of its business to save money and improve group margins, while at the same time trying to revive growth.
"Investors will be asking why Steinberg isn't sticking around to see through this strategy - has he spotted problems down the line or has he simply been offered a better opportunity elsewhere?"
Housebuilder Bellway was also in the red, along with FTSE 100 peers such as Taylor Wimpey and Persimmon.
Richard Hunter, head of markets at Interactive Investor, said the stocks were "under some pressure as Budget uncertainty continues to unsettle the outlook despite new government pledges to revive the sector".
FTSE 250 - Risers
Fidelity China Special Situations (FCSS) 218.50p 5.30% Syncona Limited NPV (SYNC) 106.80p 3.29% Burberry Group (BRBY) 709.80p 3.23% Energean (ENOG) 947.00p 2.71% Bridgepoint Group (Reg S) (BPT) 342.80p 2.70% W.A.G Payment Solutions (WPS) 84.00p 2.69% Oxford Instruments (OXIG) 2,125.00p 2.66% Ninety One (N91) 182.10p 2.42% SSP Group (SSPG) 169.60p 2.35% Me Group International (MEGP) 210.00p 2.19%
FTSE 250 - Fallers
Future (FUTR) 817.50p -16.92% CMC Markets (CMCX) 325.00p -3.85% Bellway (BWY) 3,208.00p -3.84% Watches of Switzerland Group (WOSG) 452.40p -2.33% Bloomsbury Publishing (BMY) 660.00p -2.08% NCC Group (NCC) 164.40p -2.03% Alpha Group International (ALPH) 2,095.00p -1.64% PureTech Health (PRTC) 150.80p -1.44% Moonpig Group (MOON) 252.00p -1.37% PZ Cussons (PZC) 88.50p -1.23%
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