FTSE 250 Movers: Thomas Cook in talks with its bankers

22nd Nov 2011 13:15

Shares in travel firm Thomas Cook continued their downward spiral after the firm said it was in talks with its banks about borrowing more money. Shares dropped over 50% from the outset and were trading nearly 70% lower in the afternoon. Thomas Cook said it was going back to its banks because of a "deterioration of trading in some areas of the business in the current quarter". Evolution Securities has downgraded its rating on the troubled firm from neutral to sell, after the firm's announcement to delay the release of its full-year results due to finance renegotiations. Heading in the opposite direction was Intermediate Capital which jumped nearly 14% after seeing profits and assets under management nudge higher despite "the uncertain economic outlook".Investors were also stocking up on shares of Big Yellow Group after the storage company announced improved occupancy growth across its portfolio in the first half of its financial year. Repair services firm Homeserve saw a drop in its share price despite posting a 2% rise in half year pre-tax profit as revenue jumped 25% and said it was confident for 2012 despite one-off restructuring costs of up to £10m in the second half.Military equipment maker Chemring was out of favour - moving downwards with the rest of the aerospace and defence sector - as US budgetary concerns weigh on sentiment. As expected the US bipartisan 'supercommittee' admitted yesterday that they have not yet agreed on a plan to cut the nation's deficit by $1.2trn. If the committee fail to come up with a plan to cut the deficit, the Pentagon - as agreed in August - will start making cuts totalling between $500-600bn from January 2013. BCFTSE 250 - RisersIntermediate Capital Group (ICP) 238.40p +13.90%Home Retail Group (HOME) 77.80p +5.42%Ferrexpo (FXPO) 254.80p +5.20%Big Yellow Group (BYG) 229.00p +5.05%Perform Group (PER) 210.00p +5.00%Unite Group (UTG) 161.60p +3.92%Daejan Holdings (DJAN) 2,579.00p +3.91%Computacenter (CCC) 363.60p +3.89%Ashtead Group (AHT) 158.10p +3.74%F&C Asset Management (FCAM) 65.85p +3.70%FTSE 250 - FallersThomas Cook Group (TCG) 12.80p -68.86%Homeserve (HSV) 211.50p -15.23%TUI Travel (TT.) 139.30p -7.50%Chemring Group (CHG) 383.90p -4.50%Kesa Electricals (KESA) 80.30p -4.29%Supergroup (SGP) 501.00p -3.65%Exillon Energy (EXI) 275.00p -3.51%Premier Foods (PFD) 5.01p -3.47%Regus (RGU) 78.95p -3.25%Cable & Wireless Worldwide (CW.) 17.18p -2.72%NR