FTSE 250 movers: Ted Baker looking good while Indian crash foists JP Morgan

London's FTSE 250 was up 0.47% at 20,647.05 in afternoon trade on Friday.

Luxury clothing retailer Ted Baker was the top riser in afternoon trading as shares in its competitor Moss Bros fell sharply after the menswear retailer reported disappointing results.

The company also warned that full-year profits would be lower than expected after it reported a pre-tax loss of £1.7m for the six months to 28 July, down from a profit of £3.9m last year, and a 3.3% drop in revenues to £64.5m.

Miners also racked up strong gains in afternoon trade, with Kaz Minerals and Ferrexpo both firmer amid rising metals prices.

Base metals appear well placed to extend gains having recently put in and tested support since mid-August lows through a combination of oversold markets, a weakening dollar, strong equities and an apparent return of risk-on sentiment in emerging markets, all of which bodes well for the metals and miners.

Travel company Thomas Cook was also on the rise ahead of the release of a trading statement on Tuesday, coming at the end of a troubled summer period for the company.

Damage dealt to the Turkish economy by US sanctions did the firm no favours, while the negative press surrounding the unfortunate deaths of two holidaymakers in one of their Egyptian resorts may have further damaged the company's prospects.

UBS market analyst Cristian Nedelcu said: "the recent share price weakness could already reflect market expectations of a small downgrade of FY18 results. We forecast £319m Underlying EBIT in FY18."

Building materials group SIG rose after it said profits shrank 22% in the first half of the year as firm reported that it was "starting to see evidence of delivery" as continues its transformation.

Chief executive Meinie Oldersma said: "Gross margins are improving in key businesses, operating costs are under control and working capital is beginning to fall. Our senior leadership team is in place, our management capability is improving and better data is beginning to make a difference to the quality of our decision-making."

Oldersma also warned that the trading backdrop in the first half of the year was unhelpful, blaming significant challenges in the UK on poor weather in the early months of the year and continuing macro uncertainty.

Broker Shore Capital restated their 'buy' rating for the company's shares, with a target price of 121p.

The JPMorgan Indian Investment Trust was the biggest faller in afternoon trading, dropping by over 3% as"volatility erupted" in India’s stock market on Friday.

Plunges in Yes Bank, which lost 30% of its value in one day, and Dewan Housing Finance, which tumbled 43% for its steepest loss on record, wreaked havoc among financial shares and slammed the broader stock market.

Investors are particularly concerned that the Reserve Bank of India will enforce stricter rules for housing finance firms after a long legacy of shoddy lending that has resulted in the country's bad debt crisis.

Budget airline Wizz Air dropped as investors fear that the airline may be pulled into the Italian investigation into fellow budget airline Ryanair's decision to add new hand luggage charges.

Italian consumer associations had complained to Antitrust about the Ryanair decision to charge customers €8 to have a second bag checked in if they dont pay €6 for priority boarding.

Market Movers

FTSE 250 (MCX) 20,647.05 0.47%

FTSE 250 - Risers

Ted Baker (TED) 2,364.00p 7.45%
Kaz Minerals (KAZ) 565.40p 6.48%
Ferrexpo (FXPO) 186.25p 5.05%
Centamin (DI) (CEY) 103.55p 2.83%
Fidelity China Special Situations (FCSS) 213.69p 2.73%
Thomas Cook Group (TCG) 76.90p 2.53%
Stagecoach Group (SGC) 158.50p 2.52%
Capital & Counties Properties (CAPC) 264.60p 2.52%
UDG Healthcare Public Limited Company (UDG) 680.50p 2.48%
SIG (SHI) 124.10p 2.48%