FTSE 250 movers: Greggs surges on strong update; Acacia tumbles as output disappoints

London’s FTSE 250 index was flat at 17,111.00 at 1400 BST, as investors took a breather following healthy gains in the previous session.

Greggs surged after the bakery chain served up a tasty trading update. It said sales in the 13 weeks to October were slightly ahead of its expectations, adding that the full year results are likely to be ahead of previous guidance.

“Our sales performance is slightly ahead of our previous plan and, whilst comparatives will stiffen further in the fourth quarter, sales will benefit from additional shop openings. As a result we expect to deliver good growth for the year, slightly ahead of our previous expectations, and further progress against our strategic plan.”

PZ Cussons was also on the front foot after Goldman Sachs upgraded the stock to ‘buy’ from ‘neutral’ following recent underperformance. It noted that the shares are down around 20% over the last three months, versus the sector down 1%. The bank added that the stock’s valuation is at 10-year sector-relative lows.

On the downside, Acacia Mining tumbled after the miner revealed its production in the third quarter was weaker than expected and lowered its full-year guidance. The company said production in the third quarter amounted to approximately 164,000 ounces of gold, lower than originally anticipated, as output at its Tanzania-based Bulyanhulu and Buzwagi mines was hit by a number of short-term issues.

Pharmaceuticals company BTG Group was also under the cosh as it said it expects full-year revenue to be at the lower half of its guidance range, as interest in one of its treatments was yet to translate into sales growth. BTG said it expects revenue in the 12 months to the end of March 2016 to be between £410m and £440m, compared with revenue of £367.8m it posted in the year to 31 March 2015.

Online gambling group Betfair fell after 8m shares were placed in the company at £32.50 on behalf of Le Peigne SA and Rothschild Wealth Management.

Playtech slipped after the gambling software development company said it will formally challenge the Central Bank of Ireland’s decision to oppose its takeover of Ava Trade. The company has already received approval from the Financial Services Commission in the British Virgin Islands for the acquisition.

Risers

Greggs (GRG) 1,174.00p +9.11%

Ocado Group (OCDO) 351.30p +4.21%

International Personal Finance (IPF) 416.90p +3.86%

AL Noor Hospitals Group (ANH) 948.00p +3.16%

Brewin Dolphin Holdings (BRW) 260.80p +2.88%

Poundland Group (PLND) 287.80p +2.79%

Amec Foster Wheeler (AMFW) 788.00p +2.74%

Tullow Oil (TLW) 214.40p +2.68%

PZ Cussons (PZC) 306.00p +2.38%

Petrofac Ltd. (PFC) 812.00p +2.27%

Fallers

Acacia Mining (ACA) 227.60p -12.56%

BTG (BTG) 603.00p -9.05%

Drax Group (DRX) 252.90p -3.55%

Betfair Group (BET) 3,272.00p -2.82%

Allied Minds (ALM) 365.00p -2.80%

Playtech (PTEC) 784.00p -2.79%

Card Factory (CARD) 375.00p -2.14%

Ophir Energy (OPHR) 97.00p -2.02%

Rotork (ROR) 174.00p -1.86%

Aggreko (AGK) 1,002.00p -1.76%