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24 Mar 2021 | 15:43

FTSE 250 movers: Gamesys surges on deal news; WHSmith falls

(Sharecast News) - London's FTSE 250 was up 0.3% at 21,397.04 in afternoon trade on Wednesday. Gamesys surged after it agreed in principle to be bought by Bally's of the US in a deal that would value the online gaming operator at £2bn.

Softcat surged after the IT infrastructure and services provider said full-year results were set to be "significantly" ahead of its previous expectations.

Travel company Tui and Upper Crust owner SSP were bouncing back from heavy losses earlier in the week on concerns about Covid restrictions.

WHSmith was knocked lower by a downgrade from 'overweight' at JPMorgan.

The bank said: "WH Smith has a high-quality travel estate with long-term growth tailwinds combined with fast-growing online brands within High Street. However, we downgrade to neutral given the recovery in the share price (up circa 21% year-to-date), and a more 'normalised' price-to-earnings only in FY24e.

"We feel the shares accurately reflect current events, given the near-term uncertainty around a return for International Travel and ongoing cash burn in the interim. We forecast a return to 2019 levels of profitability in FY23e, where we are circa 10% above consensus."

FTSE 250 - Risers

Gamesys Group (GYS) 1,948.00p 18.64% Softcat (SCT) 1,766.00p 13.28% TUI AG Reg Shs (DI) (TUI) 378.20p 6.57% SSP Group (SSPG) 341.40p 5.57% 888 Holdings (888) 395.00p 4.50% Playtech (PTEC) 444.80p 4.39% Hammerson (HMSO) 32.36p 4.35% Tullow Oil (TLW) 50.88p 3.94% Drax Group (DRX) 428.20p 3.88% Future (FUTR) 1,890.00p 3.50%

FTSE 250 - Fallers

XP Power Ltd. (DI) (XPP) 4,760.00p -3.84% AO World (AO.) 294.00p -3.76% Frasers Group (FRAS) 471.60p -3.08% HICL Infrastructure (HICL) 164.60p -2.95% PZ Cussons (PZC) 264.00p -2.76% Dr. Martens (DOCS) 482.50p -2.53% WH Smith (SMWH) 1,764.00p -2.38% Lancashire Holdings Limited (LRE) 621.50p -2.36% Just Eat Takeaway.Com N.V. (CDI) (JET) 6,702.00p -2.33% Fidelity China Special Situations (FCSS) 419.50p -2.21%
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