FTSE 250 movers: DS Smith rallies on results; Elementis drops again

London’s FTSE 250 index was up 1.4% to 17,289.55 in afternoon trade, tracking a broader rally in equity markets amid expectations that voters in the UK will opt to remain in the European Union on Thursday.

Packaging company DS Smith was the standout gainer after it reported a small jump in full-year profit as revenue grew, partly thanks to acquisitions.

In the 12 months to 30 April, pre-tax profit rose 1% to £201m, or 3% at constant currency, on revenue of £4.06bn, up 6%.

Chief executive Miles Roberts said: “We are delighted to report another year of strong growth underpinned by 10% organic growth in our adjusted operating profit supplemented by 6% from acquisitions. Strong financial discipline allows us again to deliver on all our priorities.

Cobham was also on the front foot after the aerospace and defence group said it had won a contract worth up to $200m from Airbus to supply a new safety system with the potential for extra revenue.

Tullow Oil was in the black as oil prices advanced. West Texas Intermediate was up 1.2% at $49.70 barrel, while Brent crude was 1.3% higher at $50.51.

On the downside, specialty chemicals firm Elementis was under the cosh for the second day running after it warned on Wednesday that earnings for 2016 are likely to be below the range of market expectations as market conditions outside North America hit demand for chrome.

Risers

Smith (DS) (SMDS) 409.80p 5.92%
Euromoney Institutional Investor (ERM) 1,070.00p 5.31%
Cobham (COB) 157.00p 5.30%
Balfour Beatty (BBY) 260.70p 5.12%
St. Modwen Properties (SMP) 333.60p 4.58%
Tullow Oil (TLW) 265.60p 4.48%
Evraz (EVR) 133.70p 4.45%
QinetiQ Group (QQ.) 249.60p 4.44%
Intermediate Capital Group (ICP) 624.50p 4.43%
Ultra Electronics Holdings (ULE) 1,796.00p 4.42%

Fallers

Elementis (ELM) 200.50p -3.93%
Shawbrook Group (SHAW) 291.60p -1.02%
Fidelity China Special Situations (FCSS) 136.40p -1.02%
Murray International Trust (MYI) 965.00p -0.82%
Sophos Group (SOPH) 181.20p -0.71%
TR Property Inv Trust (TRY) 305.60p -0.62%
Genesis Emerging Markets Fund Ltd Ptg NPV (GSS) 506.00p -0.49%
British Empire Trust (BTEM) 470.30p -0.44%
JPMorgan Emerging Markets Inv Trust (JMG) 587.50p -0.42%
Ascential (ASCL) 261.50p -0.42%