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FTSE 250 movers: Phoenix rallies on Standard Life deal; SIG slides on Kingspan news

By Michele Maatouk

Date: Friday 23 Feb 2018

(ShareCast News) - London's FTSE 250 was up 0.1% to 19,752.89 in afternoon trade on Friday.
Phoenix Group was the top performer after agreeing to buy the insurance business of Standard Life Aberdeen for £3.2bn.

The acquisition is expected to generate a total of £5.5bn of additional aggregate cashflows, of which £1bn is expected to be generated between 2018 and 2022 and £4.5bn from 2023 onwards.

Gambling software provider Playtech was in the black, recovering from heavy falls in the previous session when it said daily revenue in the first 51 days of the first quarter were down 11% year-on-year against strong comparatives in Asia in the first half of 2017.

SIG, a supplier of insulation, roofing and commercial interiors, was weaker on read-across from Kingspan, which said earlier that demand for UK insulated panels, used mostly in low rise commercial buildings, has declined 15% in FY2018 year-to-date.

Shore Capital said: "We estimate around 12% of SIG group sales comprise insulated products to the UK commercial construction market and therefore it is unlikely near term trading at SIG will not be affected. We retain our hold recommendation and eagerly await full year results on 9th March."

Price comparison website Moneysupermarket fell as Canaccord Genuity cut the stock to 'hold' from 'buy' after its full-results on Thursday. While the results were "decent" and "modestly" ahead of forecasts, the company now expects to grow materially below the market in FY18, exaggerating the impact with a step-up in costs to improve site optimisation.

"The result is an 8% hit to EPS and a compelling argument for de-rating, given more moderate growth/cash flow aspirations," said Canaccord.

Risers

Phoenix Group Holdings (DI) (PHNX) 800.50p 5.40%
TalkTalk Telecom Group (TALK) 101.47p 3.86%
CLS Holdings (CLI) 218.62p 3.61%
Galliford Try (GFRD) 905.89p 3.59%
Sanne Group (SNN) 626.00p 3.30%
Drax Group (DRX) 237.00p 3.04%
Hochschild Mining (HOC) 216.05p 2.88%
Dignity (DTY) 801.40p 2.81%
Pennon Group (PNN) 637.00p 2.81%
Playtech (PTEC) 772.80p 2.79%

Fallers

SIG (SHI) 140.40p -6.40%
Indivior (INDV) 380.80p -3.35%
Man Group (EMG) 180.80p -3.08%
Renishaw (RSW) 4,804.00p -2.79%
Moneysupermarket.com Group (MONY) 276.00p -2.68%
Vedanta Resources (VED) 740.80p -2.19%
Grafton Group Units (GFTU) 786.25p -2.15%
Rathbone Brothers (RAT) 2,696.00p -1.96%
FirstGroup (FGP) 82.10p -1.85%
JD Sports Fashion (JD.) 381.60p -1.83%

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