Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

FTSE 250 movers: Ithaca gushes; Inflation data hits cyclicals

(Sharecast News) - FTSE 250 (MCX) 21,787.80 -0.21% Shares in Ithaca Energy jumped on Wednesday as the North Sea oil and gas explorer upgraded full-year production guidance as profits and output doubled in the first six months of the year.

The company now sees production of 119,000-125,000 barrels of oil equivalent a day, compared with prior guidance of 109-119 kboe/d.

Adjusted EBITDAX came in at $1.1bn from $550m while pre-tax profit surged to $513m from $189.4. Shares in the firm rose 8% in early London trade.

It also cut net operating cost guidance to $790-840m from $780-860m, with the reductions outweighing foreign exchange headwinds.

Cyclical stocks were down as an unexpected inflation data spelled potentially bad news for mortgages and spending. House builder Crest Nicholson and building supplies specialist Marshalls were lower on the news.

Lion Finance and slumped after first-half results.

FTSE 250 - Risers

Ithaca Energy (ITH) 199.20p 11.78% W.A.G Payment Solutions (WPS) 88.40p 4.25% Dr. Martens (DOCS) 86.45p 2.37% Investec (INVP) 543.00p 2.36% Pennon Group (PNN) 482.60p 2.16% Workspace Group (WKP) 414.50p 1.97% Burberry Group (BRBY) 1,187.50p 1.50% Tate & Lyle (TATE) 545.50p 1.39% Savills (SVS) 944.00p 1.29% Abrdn (ABDN) 197.70p 1.18%

FTSE 250 - Fallers

Kier Group (KIE) 198.80p -4.19% Gamma Communications (GAMA) 1,058.00p -3.82% Trustpilot Group (TRST) 212.40p -3.37% Crest Nicholson Holdings (CRST) 171.30p -2.84% Polar Capital Technology Trust (PCT) 390.50p -2.74% Lion Finance Group (BGEO) 7,435.00p -2.68% Allianz Technology Trust (ATT) 446.50p -2.51% Marshalls (MSLH) 186.80p -2.40% Carnival (CCL) 1,997.00p -2.25% Watches of Switzerland Group (WOSG) 332.20p -2.18%

Share this article

Related Sharecast Articles

FTSE 250 movers: XP Power surges on broker upgrade
(Sharecast News) - FTSE 250 (MCX) 23,965.01 0.33%
FTSE 250 movers: THG slumps; Oil stocks gain
(Sharecast News) - FTSE 250 (MCX) 23,940.24 -0.70%
FTSE 100 movers: AB Foods slumps on trading update; BP, Shell gush higher
(Sharecast News) - London's FTSE 100 was down 0.6% at 10,611.15 in afternoon trade on Thursday.
FTSE 100 movers: Burberry slumps on downgrade; BP, Shell gush higher
(Sharecast News) - London's FTSE 100 was down 1% at 10,703.21 in afternoon trade on Wednesday.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.