FTSE 250 movers: Phoenix Group firms on AXA Wealth deal

27th May 2016 15:30

(ShareCast News) - FTSE 250 was marginally firmer in late afternoon trade as UK traders wound down ahead of a long weekend, with few of today's in-the-news mid-cap stocks figuring among that index's top-10 risers.Shares in Phoenix Group Holdings were ahead as it agreed with AXA UK to buy AXA Wealth's pensions and protection businesses, which is the wealth management arm of the French insurer.Phoenix said the acquisition, which comprises a pensions and investments business offering a range of propositions catering to both individual and corporate requirements, would add £12.3bn of assets under management and over 910,000 policies.In addition, it said there would be significant diversification benefits from the deal, resulting in net capital synergies of around £250m within six months of completion, inclusive of the impact of cost synergies of £10m a year.The deal is expected to generate cash flows of approximately £0.3bn between 2016 and 2020 and £0.2bn from 2021 onwards.In other news, Softcat made good ground after Berenberg initiated coverage with a 'Buy' rating and 425p target price.Among other stocks figuring in the top-10 FTSE 250 risers' and losers' lists were several that made headlines on Thursday.Included in this band were a rising Paypoint after it posted a heavily reduced full-year pre-tax profit, and B&M European Value Retail after it declared a special dividend as it posted final results showing strong sales, profits and cash generation. By contrast, Sophos Group edged lower after reporting full-year sales growth.FTSE 250 - RisersSynthomer (SYNT) 361.30p 4.97%Softcat (SCT) 344.90p 4.67%PayPoint (PAY) 947.00p 4.47%B&M European Value Retail S.A. (DI) (BME) 301.50p 3.72%Rank Group (RNK) 255.70p 3.19%Phoenix Group Holdings (DI) (PHNX) 876.00p 3.12%Serco Group (SRP) 106.90p 2.79%OneSavings Bank (OSB) 330.10p 2.61%esure Group (ESUR) 282.70p 2.35%Restaurant Group (RTN) 361.50p 2.32%FTSE 250 - FallersCentamin (DI) (CEY) 95.80p -4.20%Kaz Minerals (KAZ) 149.50p -3.11%Acacia Mining (ACA) 315.20p -2.93%Allied Minds (ALM) 327.30p -2.88%Tullow Oil (TLW) 236.30p -2.44%Zoopla Property Group (WI) (ZPLA) 320.10p -2.41%Capital & Counties Properties (CAPC) 340.10p -2.33%Sophos Group (SOPH) 220.60p -2.04%Drax Group (DRX) 309.10p -2.00%Rotork (ROR) 195.80p -1.90%