FTSE 250 movers: Grafton climbs while Pennon falls back
The FTSE 250 index rose 0.28% to 18,355.34 in the late afternoon.
The building sector gained, with shares in SIG, Grafton, Travis Perkins, Daejan Holdings and CLS Holdings all up, as a review from Halifax showed that the number of first time buyers has risen to an all-time high since before the 2008 financial crisis.
Building materials supplier SIG also released positive trading results to reassure shareholders, with group sales rising 11.2% in the year to the end of December.
Likewise, Grafton’s revenue rose as it expanded the Selco merchanting brand in the UK. Revenue surged 13.4% in the year ended 31 December to £2.51bn, compared to last year, or 10.4% in constant currency.
Healthcare provider Spire and pharmaceutical company Indivior reversed losses in the previous session after Trump bashed The healthcare sector on Wednesday saying they were “getting away with murder” when it comes to drug prices.
Pub operator Mitchells & Butlers advanced as it issued a first quarter trading statement on Friday, covering the 15 weeks to 7 January, with like-for-like sales growth for the year-to-date improving to 1.7%.
Environmental utility infrastructure company Pennon lost out as Credit Suisse downgraded its stock to ‘underperform’ from ‘neutral’ and lowered the price target to 680p from 800p. The broker said that the downside in energy-from-waste (EfW) is materialising faster than it anticipated and it sees risk of a potential liability associated with an unconsolidated financing joint venture.
Dunelm Group slumped as Jefferies downgraded its stock to ‘underperform’ from ‘hold’ and cut the price target to 650p from 700p. The bank cut the stock to ‘hold’ back in March last year when the macroeconomic outlook started to deteriorate ahead of Brexit and the increased investments in a multi-channel offer and National Living Wage took their toll.
AO group reverse earlier gains as it recorded revenues surging 12.3% year-on-year for the quarter ended 31 December 2016.
Miners Polymetal International fell on the back of the price of gold falling 0.45%.
Nostrum Oil and Gas was in the red as oil prices were weaker amid doubts that planned production cuts will do enough to curb the global supply glut.
Risers
SIG (SHI) 110.30p 17.59%
Grafton Group Units (GFTU) 581.50p 7.59%
International Personal Finance (IPF) 173.40p 5.86%
Travis Perkins (TPK) 1,460.00p 2.67%
Spire Healthcare Group (SPI) 314.90p 2.14%
Daejan Holdings (DJAN) 6,125.00p 2.08%
Vesuvius (VSVS) 421.40p 1.96%
Mitchells & Butlers (MAB) 265.20p 1.92%
Indivior (INDV) 307.70p 1.82%
CLS Holdings (CLI) 1,557.00p 1.76%
Fallers
Dunelm Group (DNLM) 693.00p -6.60%
Pennon Group (PNN) 775.00p -4.20%
AO World (AO.) 155.90p -3.94%
Ferrexpo (FXPO) 130.20p -3.56%
Evraz (EVR) 221.10p -3.11%
Kaz Minerals (KAZ) 418.40p -2.95%
Just Eat (JE.) 517.00p -2.45%
Nostrum Oil & Gas (NOG) 467.60p -2.34%
Capital & Counties Properties (CAPC) 276.80p -2.05%
Polymetal International (POLY) 918.50p -1.97%