FTSE 250 movers: Index heads into red despite HellermanTyton and Laird surges
After an encouraging start off the back of strong corporate results, London's FTSE 250 index dipped into the red late on Thursday before oscillating around parity.
FTSE 250
19,719.37
17:09 24/04/24
FTSE 350
4,419.71
17:09 24/04/24
FTSE All-Share
4,374.06
16:44 24/04/24
Laird
199.90p
08:43 29/06/18
Technology Hardware & Equipment
1,920.18
16:30 11/04/24
By 16:10 BST the UK mid-cap index was down 0.11% at 17,494.39, with connections and cars the theme at the top of the 250 leader board.
HellermannTyton, the maker of cables and related products, soared after it shook hands on a £1.07bn takeover by UK-based, US-listed car parts group Delphi Automotive. Delphi has looked to capture the cable maker to capitalise on growing demand for 'connected vehicles'.
Laird is another company benefiting from connecting people, as a supplier of electronic components used in smart phones and automotive gadgets, with first-half results beating expectations thanks to its increasing diversity of revenues. Revenue rose 21% to £305.9m thanks to favourable currency movements as it added new clients to reduce its reliance on major customer Apple.
Car dealership Inchcape's shares accelerated higher as although pre-tax profits declined in the first half of the year due to heavy currency headwinds, the numbers were better than estimates. The group posted a 5% year-on-year decline to £153m, although revenue climbed 3% to £3.4bn and like-for-like revenue on a constant currency basis rose 7.8% in the period.
Bodycote also rose in spite of posting a drop in first half pre-tax profit and declining revenue, as a result of soft demand in the oil and gas industry and adverse currency moves.
Investment management group Jupiter Fund Management said its interim pre-tax profit almost doubled, thanks to a number of non-recurring charges. In the six months to the end of June, the FTSE 250 group saw its profit before tax surge 73% year-on-year to £84m, while assets under management rose 3% to £34.3bn.
Fallers were topped by estate agency group Countrywide, although its shares early losses above 20% ameliorated as the session wore on. First-half profits from the property group fell 22% on the same period last year, well short of analysts forecasts as a "difficult UK housing market" led to plummeting estate agency earnings.
Premier Farnell continued its retreat after Wednesday's profit warning.
FTSE 250 - Risers
Hellermanntyton Group (HTY) 472.00p +42.13%
Laird (LRD) 400.00p +14.35%
Inchcape (INCH) 803.00p +6.71%
Jupiter Fund Management (JUP) 470.20p +3.91%
Ophir Energy (OPHR) 114.70p +3.89%
Bodycote (BOY) 673.00p +3.54%
Senior (SNR) 288.40p +3.30%
Henderson Group (HGG) 272.40p +2.68%
Virgin Money Holdings (UK) (VM.) 421.30p +2.38%
Tullow Oil (TLW) 241.00p +2.34%
FTSE 250 - Fallers
Countrywide (CWD) 521.00p -5.79%
Premier Farnell (PFL) 133.10p -4.93%
TalkTalk Telecom Group (TALK) 310.60p -4.84%
Ocado Group (OCDO) 380.00p -4.71%
Fisher (James) & Sons (FSJ) 1,081.00p -3.91%
Just Eat (JE.) 431.50p -3.10%
Investec (INVP) 582.00p -3.00%
IP Group (IPO) 198.00p -2.94%
Lonmin (LMI) 54.00p -2.88%
Mitchells & Butlers (MAB) 377.40p -2.83%