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London’s FTSE 250 was up 0.3% at 21,576.49 in afternoon trade on Thursday.
Insurer Beazley was the standout gainer after it posted a better-than-expected surge in full-year pre-tax profit as three of its six divisions achieved double-digit growth. In the year to the end of December, pre-tax profit surged 250% to $267.7m, as the investment return grew 4.8%. Gross premiums written were up 15% to $3.0bn and net premiums written were 11% higher at $2.5bn. Analysts had been expecting pre-tax profit of $220.9m.
On the downside, Royal Mail tumbled as it said recent trading was broadly in line with expectations but company warned that its outlook was challenging. Letter volumes will fall faster than expected next year and the parcels and letters business is more likely to be loss-making, it said.
Neil Wilson, chief market analyst at Markets.com, said: “Royal Mail’s restructuring plans are being derailed by strikes and the company is likely to miss its targets. This should hardly be a big surprise to investors – in November it warned that its transformation programme was behind schedule. Ongoing industrial action threats are a persistent drag on the stock.
“What’s more worrying is that we’ve been waiting for something to happen for a long time now and still it’s the same old story. Parcel volumes up, letters down, GLS doing ok and no change in the culture or management of this ex-monopoly.”
Elsewhere, Micro Focus was on the back foot as non-executive chairman designate Greg Lock and his wife bought 184,300 shares in the company at an average price of 787.66p. When Lock becomes a director on 14 February, he will have 200,000 shares.
FTSE 250 – Risers
Beazley (BEZ) 578.00p 8.04%
Rank Group (RNK) 309.50p 5.45%
Fresnillo (FRES) 653.40p 4.78%
Helios Towers (HTWS) 145.90p 3.55%
Pets at Home Group (PETS) 303.40p 3.34%
Aston Martin Lagonda Global Holdings (AML) 465.10p 2.81%
Vivo Energy (VVO) 114.60p 2.69%
Playtech (PTEC) 356.70p 2.65%
Hochschild Mining (HOC) 161.10p 2.61%
Drax Group (DRX) 297.80p 2.41%
FTSE 250 – Fallers
Royal Mail (RMG) 176.50p -6.79%
PureTech Health (PRTC) 292.00p -4.89%
Finablr (FIN) 69.50p -4.40%
Tullow Oil (TLW) 49.39p -3.38%
Provident Financial (PFG) 474.90p -3.38%
Micro Focus International (MCRO) 751.00p -2.98%
Redrow (RDW) 788.00p -2.84%
Future (FUTR) 1,156.00p -2.69%
Quilter (QLT) 170.00p -2.30%
Countryside Properties (CSP) 502.00p -2.14%
