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FTSE 250 movers: Redrow, Wizz Air slump
(Sharecast News) - London's FTSE 250 was down 1.3% at 17,808.74 in afternoon trade on Friday. Redrow slumped as it warned that full-year sales and profits would likely be at the lower end of guidance due to a subdued Autumn trading period.
The housebuilder said all of its key performance metrics have worsened year-on-year since the start of the financial year which began on 3 July, such as the value of reservations, average reservations per outlet, cancellations, selling prices and the order book.
Wizz Air flew lower as RBC Capital Markets cut its price target on the shares to 3,200p from 3,400p.
The bank - which rates the stock at 'outperform' - said it was cutting estimates and the price target after the first-half results.
"In 2023/24E we forecast net income of €354m towards the lower end of Wizz Air's €350-400m guided range," it said.
"Our largest downgrades are in 2024/25E reflecting guidance for flattish capacity. We remain Outperform; expectations on engine headwinds have been rebased and even a partial margin recovery offers scope for more than 150% potential share price upside."
FTSE 250 - Risers
Digital 9 Infrastructure NPV (DGI9) 53.00p 3.52% Plus500 Ltd (DI) (PLUS) 1,437.00p 1.34% Foresight Group Holdings Limited NPV (FSG) 405.00p 1.00% Ithaca Energy (ITH) 158.60p 0.89% North Atlantic Smaller Companies Inv Trust (NAS) 3,620.00p 0.84% Empiric Student Property (ESP) 92.60p 0.65% NextEnergy Solar Fund Limited Red (NESF) 84.95p 0.53% Mitie Group (MTO) 105.00p 0.38% Balfour Beatty (BBY) 315.20p 0.38% Volution Group (FAN) 393.40p 0.31%
FTSE 250 - Fallers
Ceres Power Holdings (CWR) 195.60p -6.86% CLS Holdings (CLI) 86.30p -5.89% Redrow (RDW) 492.40p -5.31% Indivior (INDV) 1,304.00p -5.23% Aston Martin Lagonda Global Holdings (AML) 201.80p -4.09% TBC Bank Group (TBCG) 2,705.00p -3.91% Wizz Air Holdings (WIZZ) 1,619.50p -3.60% Future (FUTR) 887.50p -3.53% IP Group (IPO) 44.80p -3.45% 888 Holdings (DI) (888) 81.40p -3.38%
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