Portfolio

FTSE 250 movers: Sports Direct slides; IP Group gains ground

By Michele Maatouk

Date: Monday 15 Jul 2019

FTSE 250 movers: Sports Direct slides; IP Group gains ground

(Sharecast News) - London's FTSE 250 was up 0.2% at 19,598.29 in afternoon trade on Monday.
IP Group was the top gainer after portfolio company Istesso announced positive headline results from its Phase 2a study of its investigational drug, MBS2320, for the treatment of rheumatoid arthritis.

Virgin Money owner CYBG was in the black after signing a partnership with price comparison website Gocompare.Com to provide energy switching services to its customers.

Going the other way, Sports Direct was under the cosh after saying it was delaying the publication of its preliminary results, as it pointed to the "complexities" of integrating House of Fraser and warned that the guidance given back in December could be "materially" affected. It also cited the "increased regulatory scrutiny" of auditors and audits including the FRC review of Grant Thornton's audit of its financial statements for the period to 29 April 2018.

Still, Russ Mould, investment director at AJ Bell, said the delay may not necessarily be bad news.

"There has been a growing trend this year for auditors to take longer to sign off the accounts, principally because they are under increasing pressure to make sure they don't miss any nasty items and to ensure the audit is done properly," he said. "It stems from a succession of companies revealing major accounting flaws in recent years with auditors having initially failed to spot the issues. BHS and Patisserie are two examples where problems were originally missed."

Elsewhere, Cairn Energy was hit by a downgrade at Jefferies.

FTSE 250 - Risers

IP Group (IPO) 73.60p 4.99%
Kaz Minerals (KAZ) 547.60p 3.32%
Hill & Smith Holdings (HILS) 1,164.00p 3.19%
Amigo Holdings (AMGO) 179.20p 2.99%
Contour Global (GLO) 183.00p 2.81%
Greene King (GNK) 645.20p 2.80%
CYBG (CYBG) 204.30p 2.71%
Future (FUTR) 950.00p 2.26%
Pagegroup (PAGE) 424.00p 2.17%
EI Group (EIG) 201.80p 2.13%

FTSE 250 - Fallers

Sports Direct International (SPD) 239.60p -9.04%
Funding Circle Holdings (FCH) 117.00p -4.26%
Cairn Energy (CNE) 173.40p -2.42%
NewRiver REIT (NRR) 167.30p -2.16%
Sirius Minerals (SXX) 16.41p -2.13%
TalkTalk Telecom Group (TALK) 106.00p -2.03%
Balfour Beatty (BBY) 234.80p -1.68%
Metro Bank (MTRO) 495.80p -1.63%
Crest Nicholson Holdings (CRST) 362.20p -1.58%
Workspace Group (WKP) 885.00p -1.56%

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