FTSE 250 movers: Jupiter jumps on upbeat statement

(Sharecast News) - The FTSE 250 was up 0.39% to 17,314.17 at 1515 BST.

Shares in polymer maker Synthomer surged after it agreed a relaxation of loan covenants with its banks to provide it increased headroom through to the end of next year.

The company, which last week lowered its profit outlook and scrapped the dividend, said bank debt covenants had been increased to 4x in December 2022, increasing to 4.75x in June 2023 and reverting to 4x in December 2023.

Synthomer said its priority was to return leverage within its target range of 1 - 2x. Last week it outlined plans to generate cash savings of between £150m - £200m in 2023, excluding divestments, via cuts to working capital, capex, operating costs and the suspension of dividend payments.

It also confirmed that it has significantly improved its financing structure having signed a five year, £450m facility with UK Export Finance on terms that are similar to the company's existing revolving credit facility.

Jupiter Fund Management said in an update on Thursday that net outflows slowed in its third quarter to £0.6bn.

The FTSE 250 company said net inflows from institutional clients totalled £0.5bn in the three months ended 30 September, driven by a large mandate from a sovereign wealth fund.

Net redemptions in the retail and wholesale channel, meanwhile, slowed to £1.1bn.

Assets under management ended the quarter at £47.4bn, driven by net outflows and £0.8bn of negative market movements.

The board said a "worsening" macroeconomic backdrop, continued geopolitical challenges and inflationary concerns - particularly in the UK - again weighed on investor sentiment in the period.

Despite that, it said it was "pleased" to report a "much improved" flow picture, with the net inflows from institutional clients put down to the funding of a UK equity mandate from a "sophisticated" sovereign wealth fund client.

Gold miner Centamin said on Thursday that third-quarter revenues had risen on the back of higher production throughout the period, supporting the firm's full-year guidance.

Centamin said revenues rose 19% to $218.1m in the three months ended 30 September, with other group selling 126,610 ounces of gold throughout the period - a 22% year-on-year improvement.

Realised gold prices slipped 3% to $1,720 per ounce, while capex increased 11% to $74.9m. All-in sustaining costs came to $1,289 per ounce sold and were on track to hit the upper end of 2022 guidance.

Centamin also noted that its Sukari solar plant was delivering lower costs and reduced greenhouse gas emissions and whilst in the final stages of commissioning, since September the solar plant has "consistently delivered" nameplate capacity, displacing up to 70,000 litres of diesel fuel per day.

Chief executive Martin Horgan said: "The third quarter results reflect continued strong delivery across the group and we remain firmly on track to meet full-year guidance. Several key milestones were achieved in the quarter.

"In the quarter, Sukari produced its five millionth ounce of gold, and with visibility on at least the next five million ounces of production, it is a strong reminder of the exceptional quality of this asset."

FTSE 250 - Risers

Wood Group (John) (WG.) 125.95p 7.65% Darktrace (DARK) 361.80p 7.52% Jupiter Fund Management (JUP) 94.20p 6.74% Synthomer (SYNT) 99.20p 5.98% W.A.G Payment Solutions (WPS) 84.40p 5.50% Network International Holdings (NETW) 321.00p 5.45% Centamin (DI) (CEY) 87.32p 5.20% Petrofac Ltd. (PFC) 105.10p 4.27% CLS Holdings (CLI) 138.00p 4.07% Jlen Environmental Assets Group Limited NPV (JLEN) 114.40p 4.00%

FTSE 250 - Fallers

NCC Group (NCC) 202.50p -4.48% Helios Towers (HTWS) 102.60p -3.66% Liontrust Asset Management (LIO) 787.00p -3.44% PZ Cussons (PZC) 186.00p -3.12% Coats Group (COA) 58.20p -3.00% ASOS (ASC) 534.00p -2.91% Wizz Air Holdings (WIZZ) 1,461.00p -2.89% ITV (ITV) 65.82p -2.75% WH Smith (SMWH) 1,172.50p -2.66% Molten Ventures (GROW) 257.20p -2.58%