FTSE 250 movers: Bellway, IntegraFin and DiscoverIE impress with results
Bellway, IntegraFin and DiscoverIE were all rising strongly on Tuesday as financial results and updates from the three groups impressed the market.
Housebuilder Bellway was up 7.5% after reassuring investors with its outlook statement alongside its full-year results which showed a plunge in annual profits. The company predicted a "material increase in volume output" this year amid an improving macreconomic backdrop.
Investment platform operator Integrafin was up 6.1% after reporting that average daily funds under direction had hit record highs in its fourth quarter, boosting total group revenues for the period.
Meanwhile, electronic components manufacturer DiscoverIE jumped 5.8% after revealing that first-half earnings were in line with internal expectations and noting that it "remains on-track" to meet guidance for the financial year.
Airline Wizz Air and cruise operator Carnival were rising strongly as travel stocks got a boost from falling oil prices, while producer Harbour Energy declined. Brent crude was down 4.3% at $74.16 a barrel after a report claimed Israel would strike at Iranian military installations instead of its energy facilities.
Leading the fallers was Byte Technology, down 5.3% after the computer software firm said revenues fell 3% in the first half, albeit in line with expectations. Shore Capital said that the results were broadly positive, but noted that investor sentiment surrounding the company remains weak after the share-trading scandal surrounding its former CEO earlier this year.
Banking group Paragon was 4.5% lower after Jefferies cut its rating on the stock from 'buy' to 'hold' and slashed its target price for the shares from 875p to 780p. The broker said: "It is the most highly rated bank in the sector, rightly so, but this may hold back total shareholder return potential near-term."
Mitie was also lower as the FTSE 250-listed facilities management and professional services company underwhelmed with a first-half trading update, despite an acceleration in top-line growth in the second quarter.
FTSE 250 - Risers
Bellway (BWY) 3,280.00p 7.47%
IntegraFin Holding (IHP) 382.50p 6.10%
Discoverie Group (DSCV) 635.00p 5.83%
Wizz Air Holdings (WIZZ) 1,285.00p 3.80%
Carnival (CCL) 1,453.50p 3.75%
Tate & Lyle (TATE) 729.00p 2.97%
JTC (JTC) 1,080.00p 2.86%
Close Brothers Group (CBG) 376.20p 2.84%
St James's Place (STJ) 798.00p 2.77%
Pennon Group (PNN) 575.00p 2.68%
FTSE 250 - Fallers
Bytes Technology Group (BYIT) 467.00p -5.31%
Paragon Banking Group (PAG) 735.50p -4.54%
Ocado Group (OCDO) 369.30p -3.95%
Fidelity China Special Situations (FCSS) 214.50p -3.81%
Man Group (EMG) 206.40p -3.73%
Syncona Limited NPV (SYNC) 104.80p -3.50%
Watches of Switzerland Group (WOSG) 452.80p -2.83%
Mitie Group (MTO) 117.80p -2.81%
Harbour Energy (HBR) 268.50p -2.75%
W.A.G Payment Solutions (WPS) 77.80p -2.75%
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