FTSE 250 movers: Greggs jumps after update; Tate & Lyle tumbles

(Sharecast News) - London's FTSE 250 was down 0.1% at 21,995.18 in afternoon trade on Wednesday. Greggs jumped to the top of the index as the bakery chain reported a slowdown in sales, pinning the blame partly on a "heat-affected" July, but reiterated its outlook for the full year.

Dan Coatsworth, head of markets at AJ Bell, said: "The fact life hasn't got any worse for Greggs was enough to breathe some life into the share price. It says trading has improved over the past few months, it is getting cost pressures under control, and full-year guidance has been maintained.

"Don't be fooled into thinking the king of sausage rolls is sitting upright on its throne, with nothing to worry about. The share price jump is a mixture of relief and a short squeeze, not a celebration of significant progress."

He said LFL sales are "still pedestrian" and there is "a nagging feeling that Greggs is growing too fast in the face of fierce headwinds".

Tate & Lyle was under the cosh after it downgraded its full-year profit and revenue expectations.

Howden Joinery slumped after shareholder Invesco Asset Management placed about 20.1m shares in the company at 825p each.

FTSE 250 - Risers

Greggs (GRG) 1,719.00p 6.80% Oxford Biomedica (OXB) 588.00p 5.73% Discoverie Group (DSCV) 621.00p 4.38% Safestore Holdings (SAFE) 676.50p 2.58% Watches of Switzerland Group (WOSG) 374.40p 2.46% Jupiter Fund Management (JUP) 147.40p 2.36% Hochschild Mining (HOC) 366.00p 2.31% Travis Perkins (TPK) 624.50p 2.29% Pets at Home Group (PETS) 209.00p 2.05% Genus (GNS) 2,425.00p 1.90%

FTSE 250 - Fallers

Tate & Lyle (TATE) 402.40p -10.50% QinetiQ Group (QQ.) 524.00p -4.73% Premier Foods (PFD) 185.60p -3.33% AJ Bell (AJB) 525.50p -2.95% Grainger (GRI) 188.60p -2.78% Marshalls (MSLH) 175.80p -2.77% Howden Joinery Group (HWDN) 822.50p -2.61% Playtech (PTEC) 360.50p -2.30% Cranswick (CWK) 4,915.00p -2.29% Anglo-Eastern Plantations (AEP) 1,350.00p -2.17%