FTSE 250 movers: Investors take note of solid Ibstock; eSure blown off course

Clay brick and concrete products manufacturer Ibstock was in favour on Friday as it announced its unaudited results for the six months to 30 June on Friday, with group revenue reaching £210.0m compared with £148.9m a year ago, although the comparative period only includes four months’ trading results.

The FTSE 250 firm reported profit before taxation for the period of £37.9m, less than half of the £77.0m in the first half last year.

Cairn Energy got a boost on as UBS upgraded the stock to ‘buy’ from ‘neutral’ following recent underperformance, with an unchanged price target of 220p.

The bank said several potential sources are emerging in Cairn. Firstly, it said the resumption of drilling in Senegal later this year sees multi-hundred million barrels of upside tested in a frontier, but proven basin.

Home builder Bellway rose after the company said it expected full year housing revenue to increase by around 27% to £2.2bn with a 12.5% increase in the number of housing completions to 8,721.

In a trading statement, the company said it also a record pre-exceptional operating margin, which is expected to rise by around 150 basis points to approach 22%.

Esure Group topped the fallers after reporting a drop in first-half profit as the insurer took a hit from adverse weather events.

For the six months to the end of June, gross written premiums were up 16.3% to £320.4m but underlying pre-tax profit fell 1.9% to £45.6m as adverse weather events in the first half of 2016 took their toll.

Market Movers

FTSE 250 (MCX) 17,383.70 0.81%

FTSE 250 - Risers

Ibstock (IBST) 154.60p 8.80%
Cairn Energy (CNE) 196.20p 7.98%
Bellway (BWY) 2,140.00p 5.47%
Brewin Dolphin Holdings (BRW) 259.30p 5.02%
Tullow Oil (TLW) 206.10p 4.83%
Countrywide (CWD) 248.50p 4.41%
AA (AA.) 270.20p 4.24%
IP Group (IPO) 158.40p 4.21%
Countryside Properties (CSP) 233.00p 4.16%
Euromoney Institutional Investor (ERM) 1,123.00p 3.79%

FTSE 250 - Fallers

esure Group (ESUR) 268.50p -4.14%
AO World (AO.) 140.00p -3.38%
Cobham (COB) 161.60p -2.53%
Hays (HAS) 117.40p -2.33%
SSP Group (SSPG) 322.30p -1.92%
Capital & Counties Properties (CAPC) 280.50p -1.58%
CYBG (CYBG) 252.00p -1.33%
John Laing Infrastructure Fund Ltd (JLIF) 139.00p -1.00%
Greggs (GRG) 1,029.00p -0.87%
International Public Partnerships Ltd. (INPP) 161.20p -0.86%