FTSE 250 movers: Entain, Rank jump on tax news; Hunting slides

(Sharecast News) - London's FTSE 250 was down 0.1% at 24,690.03 in afternoon trade on Wednesday. Ladbrokes owner Entain and Mecca Bingo owner Rank Group were the top performers on the index after Chancellor John Healey announced a rise in machine games duty in the Budget that was less severe than some had feared. Healey said the government plans to lift the MGD to 25% from 20%.

The news came as a relief, as some had feared the duty could be doubled to 40%.

Elsewhere, Oxford Nanopore gained after Deutsche Bank lifted its price target on the shares to 260p from 210p, maintaining a 'buy' rating.

On the downside, energy services company Hunting slumped as it cut its full-year profit guidance, pointing to disruption from the conflict in the Middle East.

Hunting now expects FY earnings before interest, tax, depreciation and amortisation of between $128m and $133m, down from guidance of £138m to $141m given in August. It cited the ongoing conflict in the Middle East and some slowing of activity across other markets mean.

Johnson Matthey was also in the red after Berenberg downgraded the shares to 'hold' from 'buy'.