FTSE 250 movers: Ashmore rallies on results, Thomas Cook slides

London’s FTSE 250 was up 0.1% to 18,615.91 in afternoon trade as market participants digested the day’s earnings news.

Fund manager Ashmore, which focuses on emerging markets, was the best performer after it reported a rise in pre-tax profit for the first half, thanks to favourable currency movements and higher performance fees.

In the six months to the end of December, pre-tax profit rose 94% to £121.5m, while net revenue increased 24% to £144.1m. Net management fees pushed up to £114.9m from £98.7m, benefiting from a stronger US dollar, while performance fees rose to £21.6m from £8.6m the year before.

Water utility Pennon also advanced as it said it expects to deliver a full year trading performance in line with its previous guidance.

On the downside, travel company Thomas Cook slumped as it reported a narrowing of losses for the first quarter but sounded a cautious note on the outlook.

RPC Group reversed earlier gains o trade down after announcing the acquisition of buy US plastics manufacturer Letica Group for up to £511m, knocked lower by the rights issue launched to fund the deal.

Dairy Crest was in the red after saying it expected year-end net debt to be "somewhat" higher than last year on the back of rising UK prices for milk and cheese.

Henderson Group fell back as it said assets under management at 31 December were up 10% to £101bn but net outflows for the year were £4bn, compared to net inflows of £8.5bn in 2015. Meanwhile, pre-tax profit declined to £212.7m from £220m year-on-year.

Transport operator Stagecoach retreated as its stock went ex-dividend.

Risers

Ashmore Group (ASHM) 338.50p 6.11%
International Personal Finance (IPF) 183.60p 3.44%
OneSavings Bank (OSB) 359.70p 3.33%
Shawbrook Group (SHAW) 261.00p 3.24%
Pennon Group (PNN) 842.00p 3.12%
Hunting (HTG) 567.00p 3.00%
Vectura Group (VEC) 140.00p 2.79%
Fidessa Group (FDSA) 2,299.00p 2.50%
Bankers Inv Trust (BNKR) 733.50p 2.37%
AA (AA.) 253.70p 2.13%

Fallers

Thomas Cook Group (TCG) 84.10p -8.64%
RPC Group (RPC) 1,020.00p -3.68%
Dairy Crest Group (DCG) 595.00p -3.49%
Henderson Group (HGG) 210.20p -3.09%
Kaz Minerals (KAZ) 516.50p -3.00%
Vedanta Resources (VED) 1,028.00p -2.19%
IP Group (IPO) 180.40p -2.17%
Stagecoach Group (SGC) 212.90p -2.11%
Ferrexpo (FXPO) 153.00p -1.92%
Morgan Advanced Materials (MGAM) 302.90p -1.82%