FTSE 250 movers: Petrofac boosted by upgrade, DS Smith higher on profit growth

Mid caps inched higher on Thursday, as losses posted by construction, mining and engineering stocks were eclipsed by gains in the technology and real estate sectors.

As of 15:00 BST, the FTSE 250 was trading 0.15% higher at 17,950.

Petrofac topped the risers after Nomura upgraded the stock to ‘buy’ from ‘neutral’ and raised its price target to 1,130p from 765p. It said the valuation was undemanding in the context of an incrementally positive Middle East outlook and improved risk/reward of Integrated Energy Solutions.

Telecom Plus extended Tuesday's gains, which came as the multi-utility provider confirmed trading was in line with expectations and posted an increase in annual pre-tax profits.

Recycled packing maker DS Smith surged after posting a 20% rise in full-year pre-tax profit and a 14% increase in the full-year dividend.

Department store Debenhams also advanced after saying it was on track to meet full-year gross profit targets, helped by a 0.9% improvement in like-for-like sales.

Jimmy Choo continued to decline, on ongoing reports that founder Tamara Mellon could launch a legal battle against the firm on grounds of anti-competitive behaviour damaging her new label, Tamara Mellon Brand.

Risers
Petrofac Ltd. (PFC) 980.50p +4.59%
Smith (DS) (SMDS) 391.70p +4.18%
Telecom Plus (TEP) 913.00p +3.63%
Hunting (HTG) 641.00p +3.55%
Bank of Georgia Holdings (BGEO) 1,936.00p +3.42%
Pets at Home Group (PETS) 303.00p +3.41%
Berkeley Group Holdings (The) (BKG) 3,394.00p +2.66%
Capital & Counties Properties (CAPC) 433.90p +2.63%
Bellway (BWY) 2,425.00p +2.54%
Galliford Try (GFRD) 1,774.00p +2.42%

Fallers
Electrocomponents (ECM) 221.40p -3.57%
Allied Minds (ALM) 541.50p -3.04%
JD Sports Fashion (JD.) 683.00p -2.84%
Genus (GNS) 1,422.00p -2.80%
Jimmy Choo (CHOO) 156.10p -2.44%
Card Factory (CARD) 330.00p -2.31%
Mitie Group (MTO) 318.30p -2.30%
Petra Diamonds Ltd.(DI) (PDL) 150.80p -2.27%
Alent (ALNT) 366.60p -2.21%
TR Property Inv Trust (TRY) 296.20p -2.05%