FTSE 250 movers: Spectris surges, Cairn Energy drops

London's FTSE 250 was up by 1.19% to 19,973.21 in afternoon trading on Wednesday, with Spectris leading the index higher.

The instrumentation company was followed higher by IP Group as it recovered from some of the losses it had posted on Wednesday, when the intellectual property business reported a fall in first-half net asset value amid "challenging" conditions for the sector.

Shares in Ferrexpo also moved upwards as iron prices rose on the back of higher Chinese imports of the metal.

Intu Properties continued to rise following The Sunday Times' report that Orion Capital Managers was in early stage talks with partners to acquire the shopping centre operator.

Down at the other end of the index, oil and gas explorer and developer Cairn Energy fell back after its Wednesday gains, when it had surged after saying that it had swung to a profit in the first half on higher oil and gas output and upgraded its full-year production forecasts.

Analysts at Peel Hunt said the company has an exciting year ahead, with the second half packed with potential share price catalysts such as a positive outcome from its $1.4bn arbitration claim in India, or exploration success stories at the Chimera project or its four wells in Mexico.

Market Movers

FTSE 250 (MCX) 19,973.21 1.19%

FTSE 250 - Risers

Spectris (SXS) 2,486.00p 7.34%
Ted Baker (TED) 1,075.00p 6.86%
IP Group (IPO) 67.00p 6.18%
TI Fluid Systems (TIFS) 185.60p 6.06%
Renishaw (RSW) 3,848.00p 5.48%
Ferrexpo (FXPO) 201.10p 5.43%
Intu Properties (INTU) 43.79p 5.01%
Plus500 Ltd (DI) (PLUS) 738.20p 4.47%
Ascential (ASCL) 385.20p 4.39%
Restaurant Group (RTN) 139.00p 4.28%

FTSE 250 - Fallers

Cairn Energy (CNE) 193.40p -3.40%
Hunting (HTG) 484.00p -2.97%
Woodford Patient Capital Trust (WPCT) 45.00p -2.60%
HGCapital Trust (HGT) 229.00p -2.14%
Convatec Group (CTEC) 172.90p -1.65%
PureTech Health (PRTC) 272.00p -1.45%
Computacenter (CCC) 1,339.00p -1.40%
PPHE Hotel Group Ltd (PPH) 1,770.00p -1.12%
Acacia Mining (ACA) 236.40p -1.09%
Fisher (James) & Sons (FSJ) 2,015.00p -0.98%