FTSE 250 movers: Network International surges on takeover; CMC Markets falls
Sharecast
Published Jun 09, 2023 14:49
FTSE 250 movers: Network International surges on takeover; CMC Markets falls
Sharecast - CMC Markets was down after it announced the acquisition of a 33% stake in StrikeX Technologies, a customer centric blockchain solutions business. It did not provide any financial details.
Network (LON:NETW) International surged after the payments provider agreed to be taken over by Canada’s Brookfield Asset Management (NLB:BAM) in a £2.2bn deal.
Under the terms of the deal, Network shareholders will be entitled to receive 400p in cash for each of their shares. This represents a premium of around 64% to the closing share price on 12 April, which was the last business day prior to the start of the offer period.
Hammerson (LON:HMSO) was also a high riser after a double upgrade to ‘overweight’ at Barclays (LON:BARC).
The bank said current management has largely done the right things.
"Post the inherited equity issuance in 2020, it has written down and continued to dispose of assets and looked to conserve cash," it said. "It was a painful transition, not helped by Covid, hence our UW rating, but we now turn more constructive and upgrade to OW, with a 30p PT."
FTSE 250 - Risers
Network International Holdings (NETW) 383.80p 5.79%
Ithaca Energy PLC (LON:ITH) (ITH) 151.80p 3.97%
Hammerson (HMSO) 26.78p 2.84%
Harbour Energy (LON:HBR) 252.80p 2.72%
Drax Group (LON:DRX) 556.60p 2.09%
Abrdn Private Equity Opportunities Trust (LON:APEO) 449.00p 2.05%
Investec PLC (LON:INVP) (INVP) 467.70p 1.94%
Hikma Pharmaceuticals (LON:HIK) 1,872.00p 1.82%
Ninety One PLC (LON:N91) (N91) 176.40p 1.44%
NCC Group (LON:NCCG) (NCC) 87.50p 1.39%
FTSE 250 - Fallers
CMC Markets PLC (LON:CMCX) (CMCX) 168.00p -4.11%
Trainline PLC (LON:TRNT) (TRN) 261.60p -4.11%
Vanquis Banking Group PLC (LON:VANQ) (VANQ) 214.00p -3.60%
Synthomer (LON:SYNTS) (SYNT) 90.30p -3.32%
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Wetherspoon (J.D.) (JDW) 714.50p -3.25%
Lancashire Holdings Limited (LRE) 598.50p -3.23%
Travis Perkins (LON:TPK) 855.20p -2.99%
Bytes Technology Group (BYIT) 514.50p -2.83%
Morgan Advanced Materials (LON:MGAMM) (MGAM) 274.50p -2.83%
Essentra (ESNT) 180.00p -2.49%
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Written By: Sharecast
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