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FTSE 250 movers: Property stocks hit by rate fears; Bytes tech on the rise

Wed 22 Mar 2023 15:12

(Sharecast News) - FTSE 250 (MCX) 18,763.56 -0.08% Property stocks were out of favour on Wednesday as a shock jump in inflation increased the likelihood of an interest rate rise by the Bank of England on Thursday, meaning higher borrowing costs.

Shopping centre developer Hammerson led the way, falling 4%. Sentiment was also hit by FTSE 100 peer British Land being it by a downgrade to 'sell' at Goldman Sachs.

Software, security and cloud services specialist Bytes Technology Group said annual gross profit and adjusted operating earnings would be up 20%.

Cash conversion for the year to February 28 returned to higher levels in the second half to end the full year at around 85%, with a cash balance of around £73m, the company said on Wednesday, reflecting strong demand for software and IT Services from both corporate and public sector clients, despite macroeconomic headwinds.

Oil shares gained on higher crude prices.

FTSE 250 - Risers

BH Macro Ltd. GBP Shares (BHMG) 429.00p 4.63% Marks & Spencer Group (MKS) 153.95p 3.99% Wood Group (John) (WG.) 206.40p 3.72% ASOS (ASC) 784.50p 3.22% Capricorn Energy (CNE) 235.60p 3.06% IP Group (IPO) 58.00p 2.75% Syncona Limited NPV (SYNC) 148.40p 2.63% TI Fluid Systems (TIFS) 101.40p 2.53% Balfour Beatty (BBY) 364.00p 2.08% PZ Cussons (PZC) 177.60p 2.07%

FTSE 250 - Fallers

Hammerson (HMSO) 23.18p -3.90% 4Imprint Group (FOUR) 4,910.00p -3.54% Supermarket Income Reit (SUPR) 86.40p -3.14% Petershill Partners (PHLL) 151.20p -3.08% NB Private Equity Partners Ltd. (NBPE) 1,520.00p -2.88% Big Yellow Group (BYG) 1,119.00p -2.86% Workspace Group (WKP) 455.60p -2.61% TR Property Inv Trust (TRY) 282.50p -2.59% UK Commercial Property Reit Limited (UKCM) 49.80p -2.35% Target Healthcare Reit Ltd (THRL) 68.30p -2.29%

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