FTSE 250 movers: Spirent and easyJet flying higher

Spirent CommunicationsSharecast graphic / Josh White

Telecommunications testing company Spirent Communications and low-cost airline easyJet were standout performers on the FTSE 250 on Wednesday with both stocks rising 5.5% on the back of a contract win and strong results, respectively.

Spirent was up after signing a deal with an unnamed financial services organisation to automate its lab and testing capabilities worth $15.0m, of which $12.0m has already been received, with the remainder for additional implementation services due in the new year. The firm also noted that it had recently acquired the test lab automation business of NetScout Systems, a small carve-out based in New Jersey, for "a modest sum", to get its hands on "important intellectual property".

EasyJet meanwhile was extending gains made on Tuesday when it impressed with its full-year results, in which it swung to a profit, delivered a record second-half performance and reinstated its dividend. "The return of easyJet’s dividend represents the final tick in the box for its long-awaited recovery from the Covid-19 pandemic," said Russ Mould, investment director at AJ Bell, following the results.

Shares in Harbour Energy were higher after the oil and gas group held on to its full-year production and cost guidance. The company also expressed its interest in "a number of material M&A opportunities" with market conditions for deal activity said to be "improving".

Water utility Pennon Group underwhelmed with a 5.4% increase in first-half underlying revenue to £448.6m, held back by regulatory measures to minimise the impact on customer bills. Underlying profits dropped by 60%.

Direct Line Insurance was in the red despite some positive words from Deutsche Bank, which upgraded the insurer from 'hold' to 'buy', naming it among its top picks in the sector. The stock's 60% collapse over the past three years is now "in the rear-view mirror", the bank said.

FTSE 250 - Risers

Spirent Communications (SPT) 114.80p 5.51%
NCC Group (NCC) 119.20p 5.49%
easyJet (EZJ) 444.20p 5.46%
Ceres Power Holdings (CWR) 191.10p 4.31%
Marshalls (MSLH) 248.00p 4.20%
Pets at Home Group (PETS) 305.40p 3.95%
Energean (ENOG) 1,030.00p 3.83%
Indivior (INDV) 1,285.00p 3.80%
Kainos Group (KNOS) 982.50p 3.04%
Darktrace (DARK) 351.20p 2.78%