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FTSE 250 movers: Inchcape rallies on update; Shaftesbury slides
(Sharecast News) - London's FTSE 250 was down 2.9% at 18,762.43 in afternoon trade on Thursday. Car dealership Inchcape rallied to the top of the index as it said full-year pre-tax profit was set to be ahead of market expectations as it has continued to trade strongly since its first-quarter update at the end of April.
The better-than-expected performance was driven mainly by the distribution business, it said.
It now expects to deliver FY22 pre-tax profit from continuing operations of between £350m and £370m, ahead of market consensus of £301m.
Shaftesbury was under the cosh after it and CapCo agreed the terms of a £3.5bn merger.
Synthomer was also in the red after a downgrade to 'equalweight' from 'overweight' at Barclays, which cut its price target to 323p from 420p. It noted that Synthomer is "one of the more vulnerable stocks" and said it was downgrading despite the recent re-rating.
FTSE 250 - Risers
Inchcape (INCH) 701.50p 2.86% Primary Health Properties (PHP) 140.40p 0.94% BH Macro Ltd. GBP Shares (BHMG) 4,490.00p 0.79% ContourGlobal (GLO) 252.00p 0.60% Assura (AGR) 67.75p 0.59% International Public Partnerships Ltd. (INPP) 165.60p 0.49% Vietnam Enterprise Investments (DI) (VEIL) 672.00p 0.45% Greencoat UK Wind (UKW) 151.40p 0.26% Brewin Dolphin Holdings (BRW) 510.00p 0.20% Jlen Environmental Assets Group Limited NPV (JLEN) 121.60p 0.16%
FTSE 250 - Fallers
Hammerson (HMSO) 20.29p -12.65% Carnival (CCL) 662.40p -9.28% Oxford Instruments (OXIG) 1,978.00p -8.85% Frasers Group (FRAS) 592.00p -8.56% TUI AG Reg Shs (DI) (TUI) 144.45p -8.43% Shaftesbury (SHB) 533.00p -8.42% Tullow Oil (TLW) 51.40p -7.76% Countryside Partnerships (CSP) 265.60p -7.13% Synthomer (SYNT) 247.60p -6.93% Auction Technology Group (ATG) 785.00p -6.88%
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