FTSE 250 movers: Dixons dips, PZ Cussons bubbles up

By Duncan Ferris

Date: Monday 24 Jun 2019

FTSE 250 movers: Dixons dips, PZ Cussons bubbles up

(Sharecast News) - London's FTSE 250 edged 0.02% lower to 19,321.05 in afternoon trade on Monday, as Dixons Carphone was under the cosh yet again following a profit warning last week.

The electronics retailer topped the fallers after analysts at Goldman cut the stock's price target from 148p to 130p after Dixons warned last week that an evolving UK mobile market will further hurt results in the new 2020 financial year.

PPHE Hotel Group was also down on its first day of trading on the FTSE 250 index, while Bank of Georgia dropped amid fears of instability in the Eastern European nation after its capital endured a fourth night of protests with a coalition of opposition parties demanding the interior minister's resignation amid talk of early parliamentary elections.

PZ Cussons was the biggest riser, with stock in Entertainment One also climbing after analysts at Berenberg initiated coverage on shares of the Canadian distribution and production firm at 'buy' with a 475p target price, noting that revenue remained strong despite disruption from the rise of subscription services such as Netflix and Spotify.

"Even excluding Apple, Google and Facebook, content spending in the US will be over $110bn in 2019 versus $95bn in 2018. While we do not know who will win the SVOD race, we do know that they will all need premium content to capture consumers' attention and wallets. We believe that Entertainment One is well positioned to serve that demand," said analysts.

Finally, Neil Woodford's troubled Woodford Patient Capital made gains after it sold shares in two unquoted companies in the business' suspended Equity Income fund, raising £100m.

Market Movers

FTSE 250 (MCX) 19,321.05 -0.02%

FTSE 250 - Risers

PZ Cussons (PZC) 225.50p 6.12%
Renishaw (RSW) 4,118.00p 5.00%
Entertainment One Limited (ETO) 394.40p 4.50%
Sirius Minerals (SXX) 14.03p 4.16%
Woodford Patient Capital Trust (WPCT) 58.71p 3.92%
Bakkavor Group (BAKK) 120.80p 3.42%
FDM Group (Holdings) (FDM) 948.00p 3.04%
Games Workshop Group (GAW) 4,918.00p 2.59%
Contour Global (GLO) 180.40p 2.50%
Daejan Holdings (DJAN) 5,550.00p 2.40%

FTSE 250 - Fallers

Dixons Carphone (DC.) 104.45p -5.77%
PPHE Hotel Group Ltd (PPH) 1,780.00p -5.32%
Drax Group (DRX) 277.00p -5.14%
Dunelm Group (DNLM) 935.00p -4.49%
Network International Holdings (NETW) 569.00p -2.90%
Weir Group (WEIR) 1,472.00p -2.68%
Amigo Holdings (AMGO) 225.50p -2.59%
Bank of Georgia Group (BGEO) 1,563.00p -2.56%
Galliford Try (GFRD) 625.00p -2.42%
Kainos Group (KNOS) 660.00p -2.37%


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