FTSE 250 movers: Dechra rallies after update; miners retreat

London’s FTSE 250 was down 0.4% to 18,241.63 in afternoon trade as investors mulled over Prime Minister Theresa May’s speech earlier on the government’s Brexit plans, in which she confirmed the UK will be leaving the single market.

Dechra Pharmaceuticals put in a solid performance as it posted a rise in revenue for the half year on the back of acquisitions and as it gained regulatory approval in the US for its generic antibiotics.

Revenue for the six months ended 31 December 2016 jumped 34% at a constant exchange rate, or 56% at actual rates, compared to the same period the previous year.

Cairn Energy was also in the black after reporting $335m group net cash at 31 December, with its reserves-based lending bank facility remaining undrawn and debt availability to fund UK development assets increasing with project progress.

It said that availability was expected to reach $350m at peak, with an additional $175m available in the form of letters of credit.

Miners retreated as metals prices fell despite a weaker US dollar, with Vedanta Resources and Kaz Minerals both in the red.

Recruiter PageGroup declined. Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: "The prospects of tighter controls on immigration after the UK leaves the EU seems to be worrying investors in the recruitment sector."

Risers

Dechra Pharmaceuticals (DPH) 1,421.00p 4.03%
Sports Direct International (SPD) 295.50p 3.68%
Capital & Counties Properties (CAPC) 281.90p 3.64%
International Personal Finance (IPF) 171.90p 3.62%
Aldermore Group (ALD) 224.80p 3.59%
Ladbrokes Coral Group (LCL) 124.40p 2.73%
Wizz Air Holdings (WIZZ) 1,849.00p 2.67%
Aberdeen Asset Management (ADN) 271.60p 1.91%
Cairn Energy (CNE) 246.10p 1.90%
Berkeley Group Holdings (The) (BKG) 2,890.00p 1.80%

Fallers

Vedanta Resources (VED) 1,005.00p -3.37%
Worldwide Healthcare Trust (WWH) 2,128.00p -3.27%
Monks Inv Trust (MNKS) 591.50p -2.87%
JPMorgan Indian Investment Trust (JII) 621.00p -2.66%
IP Group (IPO) 172.90p -2.54%
Pagegroup (PAGE) 420.30p -2.44%
JPMorgan American Inv Trust (JAM) 367.00p -2.39%
Kaz Minerals (KAZ) 416.00p -2.39%
Ocado Group (OCDO) 263.10p -2.30%
Petra Diamonds Ltd.(DI) (PDL) 154.90p -2.21%