FTSE 250 movers: Burberry gains on China boost

FTSE 250 (MCX) 21,145.04 0.64%

London stocks had extended gains by midday on Friday as Chinese markets enjoyed their best week since 2008 on the back of stimulus measures, and as investors eyed the release of the Federal Reserve’s favourite gauge of inflation.

Stocks in China got a boost after the central bank cut its main policy rate and financial institutions’ reserve requirement ratio in a bid to boost lending. The People’s Bank of China cut the seven-day reverse repo rate to 1.5% from 1.7%.

Luxury fashion brand Burberry, which is heavily dependent on demand from China, was a high riser, having gained throughout the week.

Fidelity China Special Situations also continued to rally on the back of surging Asia markets.

Food producer Cranswick said it expected annual results to be at the upper end of expectations after first-half trading came in ahead of the previous year.

The company said it was still cautious about “current market and wider economic and geopolitical conditions” but noted that trading since the end of the first quarter “has been stronger than previously expected, underpinned by continued robust volume growth in our core UK food business (and) a positive ongoing contribution from our expanding pig farming operations”.

"Consequently, we now expect our first half performance to be ahead of the same period last year." the company said in a trading statement on the 26 weeks to September.

Market expectations for adjusted pre-tax profit at September 27 2024 ranged between £179.2m - £191.7m.

Clinical-stage biotherapeutics company PureTech Health was up as it said the schizophrenia treatment it developed, which was later sold to Bristol Myers Squibb, has been approved by US regulators, triggering a $29m payment and unlocking potential future royalties.

FTSE 250 - Risers

Burberry Group (BRBY) 708.80p 6.78%
Wizz Air Holdings (WIZZ) 1,508.00p 6.57%
Fidelity China Special Situations (FCSS) 211.00p 5.92%
Cranswick (CWK) 4,990.00p 5.83%
Aston Martin Lagonda Global Holdings (AML) 158.50p 4.69%
PureTech Health (PRTC) 156.80p 4.26%
Raspberry PI Holdings (RPI) 389.90p 3.92%
Ocado Group (OCDO) 378.70p 3.41%
Future (FUTR) 1,018.00p 2.47%
SThree (STEM) 372.00p 2.34%