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FTSE 250 movers: Plus500 jumps; housebuilders lose ground
(Sharecast News) - London's FTSE 250 was flat at 19,186.37 in afternoon trade on Tuesday. Online trading platform Plus500 surged after it bought back around 7.3m shares - or 8.2% of its share capital - from Odey Asset Management for £101.3m.
Plus500 said: "Given the significant strength of the company's balance sheet and the prevailing circumstances, the board believes the purchase is in the best interest of all shareholders.
"The company has acted quickly to execute this opportunity to acquire shares at an attractive price, in-line with the company's capital allocation and shareholder return policy."
Odey Asset Management announced over the weekend that founder Crispin Odey had been removed from the firm's partnership following allegations of sexual misconduct.
Hipgnosis was a high riser after an upgrade to 'buy' from 'hold' at Jefferies, which said the risk-reward dynamic for the music investment firm had become "more favourable".
CMC Markets lost ground after it said that quiet market conditions in the first two and a half months of 2024 have resulted in client trading activity being down 15-20%. This is expected to negatively impact Q1 2024 net operating income, it said.
Housebuilders Vistry, Bellway and Crest Nicholson were under pressure amid expectations that further rates hikes by the Bank of England will push borrowing costs up even more. UK wage growth data out earlier added to expectations of more rate hikes.
FTSE 250 - Risers
Plus500 Ltd (DI) (PLUS) 1,485.00p 6.83% Auction Technology Group (ATG) 782.00p 3.99% Energean (ENOG) 1,113.00p 3.63% Bytes Technology Group (BYIT) 532.50p 3.20% Hipgnosis Songs Fund Limited NPV (SONG) 84.90p 3.16% Bodycote (BOY) 639.50p 2.81% Currys (CURY) 51.40p 2.80% ASOS (ASC) 338.30p 2.73% Carnival (CCL) 1,052.50p 2.73% Ibstock (IBST) 159.30p 2.64%
FTSE 250 - Fallers
Hammerson (HMSO) 25.52p -3.99% CMC Markets (CMCX) 163.00p -3.89% Assura (AGR) 47.20p -3.79% Vistry Group (VTY) 751.00p -3.72% Target Healthcare Reit Ltd (THRL) 74.70p -3.36% LXI Reit (LXI) 99.35p -3.26% Great Portland Estates (GPE) 459.00p -2.84% Bellway (BWY) 2,176.00p -2.77% Crest Nicholson Holdings (CRST) 227.60p -2.74% UK Commercial Property Reit Limited (UKCM) 54.10p -2.70%
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