FTSE 250 movers: Sports Direct scores; IPF offside

Sports Direct's game plan to boost it's flagging share price appeared to pay off as the shares jumped 8.5% to head the FTSE 250 risers

Having played down the prospect earlier in the month, Sports Direct proposed £90m buyback of around 5% of its shares, which it hopes to increase later in the year.

The company said its broker Citigroup would buy up to a maximum of 29.9m shares for a maximum of £89.77m up until its annual shareholder meeting on 7 September, when it will ask for permission to further extend the buyback.

Shares in Just Eat, the online food delivery service, were up as the firm reported a successful first half on Thursday with orders increasing 55% and acquisition of more businesses in Europe and South America.

Revenue increased by 59% to £171.6m and underlying earnings before interest taxes depreciation and amortisation (EBITDA) was up 107% to £53.4m. Profit before tax increased 141% to £33.8m.

British tour operator Thomas Cook was surprisingly chipper, even after it revealed the depth of the problems faced by the travel industry as it again lowered its full year profit forecasts against a backdrop of increased global terrorism concerns and an anaemic pound.

The company said it expected full year earnings before interest and tax to be around £300m, a further cut from the £310m - £335m given in May. This would include foreign exchange benefits of £32m.

International Personal Finance led the fallers as profits slumped by more than a quarter in the first half as the company continued to endure ongoing problems in Mexico and invested further in its digital capabilities.

Although customer numbers grew 1.1% to 2.6m in the six months to end-June and revenue increased 1.5% to £353m thanks to a 6% rise credit issued, total adjusted pre-tax profit declined 29% to £30.7m, which the company argued was broadly within its expected range.

Weir Group also fell as it announced that chief executive Keith Cochane is stepping down after the engineering giant reported a drop in first half pre-tax profit.

Cochrane, who leaves the company after 10 years on the board, will be replaced by group finance director Jon Stanton on 1 October 2016.

Investec shares fell as the company went ex-dividend.

Market Movers

FTSE 250 (MCX) 17,301.36 0.21%

FTSE 250 - Risers

Sports Direct International (SPD) 279.50p 8.54%
Just Eat (JE.) 520.50p 7.56%
Polymetal International (POLY) 1,125.00p 7.45%
Thomas Cook Group (TCG) 64.05p 6.75%
Sophos Group (SOPH) 243.00p 6.30%
Centamin (DI) (CEY) 162.90p 6.12%
Acacia Mining (ACA) 601.50p 4.61%
Kaz Minerals (KAZ) 148.00p 4.37%
Wizz Air Holdings (WIZZ) 1,492.00p 3.54%
Hochschild Mining (HOC) 270.30p 3.44%

FTSE 250 - Fallers

International Personal Finance (IPF) 264.00p -21.66%
Inchcape (INCH) 688.50p -4.31%
Weir Group (WEIR) 1,460.00p -4.20%
Shawbrook Group (SHAW) 177.30p -3.90%
Brewin Dolphin Holdings (BRW) 252.00p -3.67%
Rank Group (RNK) 222.70p -3.63%
Virgin Money Holdings (UK) (VM.) 265.80p -3.63%
Tullow Oil (TLW) 197.70p -3.47%
Crest Nicholson Holdings (CRST) 425.20p -3.41%
Investec (INVP) 448.50p -3.15%