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FTSE 250 movers: JD Wetherspoon plumbs fresh low, Clarkson at technical resistance
(Sharecast News) - JD Wetherspoon led the second-tier index lower following an update that analysts at ShoreCap said revealed "sluggish" trading. On current trends, full-year like-for-like sales looked set to drop by just under 5%.
Hence, the pub owner's guidance for full-year losses of about £23m, down from its previous forecast for "around breakeven".
ShoreCap also said: "We continue to believe that JDW will outlast the competition, with a highly competitive and well invested offering, although it is likely to be a long road."
Nonetheless, the broker also said that it saw better value elsewhere in the sector.
Aston Martin was also exhibiting pronounced weakness with its shares falling back to near its record lows.
Wizz Air Holdings and Easy Jet were also on the back foot.
The latest US consumer price data, published on Wednesday, revealed that Airlines had been one of the few sectors to cut prices over the past year, said Josh Mahony, senior market analyst at IG.
"In an environment where businesses are desperately attempting to claw back losses incurred throughout Covid, it seems airlines are having to wage price wars in a bid to encourage customers to return to the skies," he said..
"With elevated fuel costs, lower fares, and declining household disposable income, there is little reason to be bullish airlines as things stand."
Swimming against the tide was Clarkson with the shipping broker saying that its first-half performance had been "strong" across all divisions, with its broking unit performing "particularly well".
Market Movers
FTSE 250 (MCX) 18,711.36 -0.76%
FTSE 250 - Risers
Johnson Matthey (JMAT) 2,100.00p 11.41% Clarkson (CKN) 3,225.00p 9.14% Darktrace (DARK) 340.00p 5.56% Trainline (TRN) 366.30p 3.18% Drax Group (DRX) 712.50p 2.52% Tyman (TYMN) 254.50p 2.21% Pagegroup (PAGE) 438.60p 2.00% Balanced Commercial Property Trust Limited (BCPT) 112.60p 1.81% Energean (ENOG) 1,033.00p 1.77% Safestore Holdings (SAFE) 1,075.00p 1.61%
FTSE 250 - Fallers
Wetherspoon (J.D.) (JDW) 577.00p -8.41% Aston Martin Lagonda Global Holdings (AML) 400.00p -7.08% Essentra (ESNT) 235.00p -5.81% Mitchells & Butlers (MAB) 170.90p -5.58% Wizz Air Holdings (WIZZ) 1,782.50p -4.81% Balfour Beatty (BBY) 257.20p -4.10% Playtech (PTEC) 516.00p -4.09% Provident Financial (PFG) 187.70p -3.89% 4Imprint Group (FOUR) 2,365.00p -3.86% HGCapital Trust (HGT) 312.50p -3.85%
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