FTSE 250 movers: WH Smith out of favour; 3i financing deal appeals

The FTSE 250 midcap index traded marginally lower on Wednesday afternoon.

WH Smith shares fell as the company said said like-for-like sales in the 14 weeks to 4 June 2016 were flat with total group sales up 2%, and added that it was confident in the outcome for the full year.

Travel business total sales were up 9% and like-for-like sales up 3%, in line with expectations.

High Street operations reported sales in line with expectations. Total sales were down 4% and like-for-like sales down 3%. Gross margin improvement and cost savings have been delivered in line with plan.

Thomas Cook shares were also lower on higher fuel cost fears as the oil price made gains.

Those oil gains, and higher metals prices in turn boosted share prices for Vedanta Resources, Tullow Oil and Polymetal.

Shares in Investment business 3i Infrastructure jumped as the company confirmed the successful completion of a £385m capital raise on Wednesday, having finished its open offer, placing and intermediaries offer and increased the initial target size from £350m.

The offer was significantly oversubscribed, and the final size was set to ensure it continues to maintain an efficient balance sheet while at the same time having sufficient liquidity to bid for new investment opportunities in the pipeline.

Higher pre-tax profits at property outfit Workspace Group boosted the shares.

They rose as full year profits jumped 8.7% to £391.3m, with revenues up to £101.2m from £83.6m driven by income and capital growth.

Market Movers

FTSE 250 (MCX) 17,190.07 -0.03%

FTSE 250 - Risers

3i Infrastructure (3IN) 176.10p 5.45%
Vedanta Resources (VED) 412.50p 5.34%
Workspace Group (WKP) 866.00p 4.02%
Kaz Minerals (KAZ) 157.50p 3.48%
Polymetal International (POLY) 907.50p 3.42%
Genus (GNS) 1,540.00p 2.87%
IG Group Holdings (IGG) 809.50p 2.79%
Vesuvius (VSVS) 348.00p 2.69%
Sophos Group (SOPH) 192.00p 2.67%
Tullow Oil (TLW) 259.60p 2.61%

FTSE 250 - Fallers

Entertainment One Limited (ETO) 180.60p -3.58%
PayPoint (PAY) 966.00p -3.21%
WH Smith (SMWH) 1,686.00p -3.10%
Allied Minds (ALM) 332.40p -3.03%
Intermediate Capital Group (ICP) 647.50p -2.85%
Thomas Cook Group (TCG) 69.90p -2.71%
Pendragon (PDG) 39.28p -2.48%
OneSavings Bank (OSB) 329.80p -2.43%
Ocado Group (OCDO) 253.40p -2.31%
Aldermore Group (ALD) 209.60p -2.24%