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FTSE 250 movers: FDM jumps, real estate stocks sink
(Sharecast News) - FDM Group and TBC Bank were the best performers on an otherwise gloomy trading session on Friday, with the FTSE 250 trading 0.8% lower on the back of mixed economic data, with real estate stocks providing a big drag. FDM Group was up 12% in afternoon trade, trading at a two-week high, as it rebounds after recent underperformance. The shares tumbled on 26 July after the recruitment company warned that market conditions "weakened" in its second quarter. Despite today's boost to the share price, the stock is still down 25% since the start of the year.
TBC Bank was up 5%, extending gains after reporting bumper profits for the first half of the year on Thursday thanks to strong growth in Georgia and Uzbekistan.
The share price of Capita was given a much-needed boost after Shore Capital upgraded its rating on the business process outsourcing company from 'hold' to 'buy'. The stock, having lost over a quarter of its value in the past month, was up 4%
Among the fallers were real estate peers Derwent London, British Land, Great Portland Estates and Warehouse REIT after economic data showed that UK GDP rose more than expected in the second quarter. The data, while positive, raised concerns that the Bank of England may choose to continue raising interest rates to cool the economy and tame inflation. Higher interest rates have been prominent factors in the devaluation of properties for many real estate and housing developers as of late.
FTSE 250 - Risers
FDM Group (Holdings) (FDM) 580.00p 11.97% TBC Bank Group (TBCG) 2,710.00p 5.24% Me Group International (MEGP) 165.60p 4.15% Capita (CPI) 21.12p 4.04% Spire Healthcare Group (SPI) 221.00p 2.55% 4Imprint Group (FOUR) 5,040.00p 2.34% Savills (SVS) 902.50p 1.98% Ferrexpo (FXPO) 84.15p 1.88% Helios Towers (HTWS) 83.35p 1.65% Darktrace (DARK) 365.00p 1.56%
FTSE 250 - Fallers
British Land Company (BLND) 318.90p -4.66% Just Group (JUST) 82.60p -4.29% Aston Martin Lagonda Global Holdings (AML) 335.60p -3.12% Great Portland Estates (GPE) 415.40p -3.03% TI Fluid Systems (TIFS) 143.40p -2.85% Derwent London (DLN) 2,052.00p -2.84% Carnival (CCL) 1,207.00p -2.82% Jupiter Fund Management (JUP) 103.80p -2.81% Ithaca Energy (ITH) 164.10p -2.67% Warehouse Reit (WHR) 85.70p -2.50%
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