FTSE 250 movers: Tullow gushes on better revenues; Marston's goes flat

Tullow Oil led the FTSE 250 risers as it gushed higher after reporting higher revenues despite swinging to a pre-tax loss in the first half. The numbers were in line with expectations and investors were clearly pleased as the stock rose almost 7%.

Metro Bank advanced after saying it swung to a profit in the first half late on Tuesday. This encouraged fellow market newcomers OneSavings and Virgin Money.

Metro's underlying profits between January and June came in at £6m, in comparison with a £13m loss during the first two quarters of last year.

Pre-tax profit for the second quarter came in at £4m, up from £2m in the first quarter. The strong performance was based on strong organic lending, with its loan to deposit ratio increasing to 79%.

Brewin Dolphin edged up after it said third-quarter total assets increased 3.7%. In the quarter to the end of June, income increased 8.4% from the same period last year to £77.3m with total funds rising to £39.2bn from £37.8bn.

Petrofac got a boost as it said it had won Iraq contracts worth $100m.

Pub and brewing company Marston's declined despite reporting a rise in sales in the 42 weeks to 22 July.

In the most recent three months of the period like-for-like sales rose 0.6%, which continued to be ahead of the market, the company said.

Operating margins were slightly below last year in line with expectations. The company said its cost outlook for 2018 remained unchanged and it was on track to open 23 new pub-restaurants and bars in the current financial year, in addition to eight lodges.

Market Movers

FTSE 100 (UKX) 7,457.75 0.31%
FTSE 250 (MCX) 19,754.93 0.58%

FTSE 250 - Risers

Tullow Oil (TLW) 164.30p 6.90%
Metro Bank (MTRO) 3,657.00p 5.54%
Paragon Group Of Companies (PAG) 426.80p 4.61%
OneSavings Bank (OSB) 398.40p 3.70%
Virgin Money Holdings (UK) (VM.) 289.20p 3.43%
CLS Holdings (CLI) 209.90p 3.35%
Domino's Pizza Group (DOM) 271.90p 3.11%
Aggreko (AGK) 869.00p 2.66%
Kaz Minerals (KAZ) 712.00p 2.45%
Greencore Group (GNC) 235.30p 2.39%

FTSE 250 - Fallers

Acacia Mining (ACA) 158.90p -5.98%
Petra Diamonds Ltd.(DI) (PDL) 103.30p -4.62%
Marston's (MARS) 117.70p -3.05%
IP Group (IPO) 135.10p -2.45%
Ascential (ASCL) 354.60p -2.04%
Sirius Minerals (SXX) 29.71p -1.79%
Cobham (COB) 133.60p -1.76%
Millennium & Copthorne Hotels (MLC) 447.50p -1.71%
Jupiter Fund Management (JUP) 528.50p -1.67%
Ferrexpo (FXPO) 230.70p -1.66%