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FTSE 250 movers: HSBC puts brakes on Aston Martin; Volution outlook a breeze

(Sharecast News) - FTSE 250: 18,710.33, +0.26%

Market Movers

Shares in luxury car maker Aston Martin Lagonda fell as HSBC ran the rule over the sector and cut its price target for the stock.

Analysts rated shares a 'hold', adding that they remain a mixed bag. The target price was cut to 255p from 380p.

Ventilation products group Volution expects to beat profit forecasts after a strong performance across the board in the first four months of the financial year.

The company said that all three of its geographic regions increased earnings over the four months to 30 November, but the strongest performance came from UK residential activities.

Regulatory drivers for energy-efficient ventilation solutions have helped, along with strong demand by customers refurbing properties to resolve mould and condensation issues.

Group revenues were up 8% year-on-year in the four-month period at £121m, representing 2.9% organic growth at constant currency. Across the group over two-thirds of revenue comes from the refurbishment market.

"Whilst new build market conditions remain challenging, our refurbishment activities continue to benefit from strong regulatory drivers and consumer focus on eliminating the damaging health impacts of mould and condensation in buildings," the company said in a statement.

"Our strong start to the financial year, together with the tailwind from the three acquisitions completed in the calendar year, gives the board confidence in delivering earnings ahead of the current range of market expectations for the financial year."

Current market forecasts are pointing to adjusted earnings per share of 25.3-26.3p for the year to 31 July 2024, compared with 25.8p the previous year.

Energean announced on Wednesday that Stifel had overseen the secondary sale of 4,422,013 of its shares by Kerogen Investments.

The FTSE 250 company said the placing shares arose from the conversion of $50m in convertible notes it issued to Kerogen on 25 February 2021.

It said the conversion took place ahead of the final repayment date on 29 December.

On conversion, the placing shares would represent 2.4% of Energean's ordinary share capital.

The shares were sold for 935p each, resulting in gross proceeds of £41.3m.

Eenrgean said settlement of the placing shares was scheduled for 21 December, contingent on the conversion of the convertible notes into ordinary shares.

FTSE 250 - Risers

Tyman (TYMN) 279.50p 5.67% PZ Cussons (PZC) 146.40p 3.83% Volution Group (FAN) 413.20p 3.77% CAB Payments Holdings (CABP) 58.40p 3.36% Paragon Banking Group (PAG) 589.50p 3.24% Chemring Group (CHG) 334.50p 2.61% Coats Group (COA) 70.10p 2.49% Man Group (EMG) 221.90p 2.45% QinetiQ Group (QQ.) 312.80p 2.42% Pagegroup (PAGE) 481.40p 2.21%

FTSE 250 - Fallers

Aston Martin Lagonda Global Holdings (AML) 213.20p -6.90% Energean (ENOG) 947.00p -3.86% Ferrexpo (FXPO) 71.60p -3.11% TUI AG Reg Shs (DI) (TUI) 604.00p -2.97% Genus (GNS) 1,946.00p -2.70% Discoverie Group (DSCV) 721.00p -2.44% Wizz Air Holdings (WIZZ) 1,936.00p -2.42% Digital 9 Infrastructure NPV (DGI9) 29.00p -2.03% Petershill Partners (PHLL) 150.20p -1.96% Pets at Home Group (PETS) 301.20p -1.76%

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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.

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