FTSE 250 movers: Bellway, IntegraFin and DiscoverIE impress with results

BellwaySharecast graphic / Josh White

Bellway, IntegraFin and DiscoverIE were all rising strongly on Tuesday as financial results and updates from the three groups impressed the market.

Housebuilder Bellway was up 7.5% after reassuring investors with its outlook statement alongside its full-year results which showed a plunge in annual profits. The company predicted a "material increase in volume output" this year amid an improving macreconomic backdrop.

Investment platform operator Integrafin was up 6.1% after reporting that average daily funds under direction had hit record highs in its fourth quarter, boosting total group revenues for the period.

Meanwhile, electronic components manufacturer DiscoverIE jumped 5.8% after revealing that first-half earnings were in line with internal expectations and noting that it "remains on-track" to meet guidance for the financial year.

Airline Wizz Air and cruise operator Carnival were rising strongly as travel stocks got a boost from falling oil prices, while producer Harbour Energy declined. Brent crude was down 4.3% at $74.16 a barrel after a report claimed Israel would strike at Iranian military installations instead of its energy facilities.

Leading the fallers was Byte Technology, down 5.3% after the computer software firm said revenues fell 3% in the first half, albeit in line with expectations. Shore Capital said that the results were broadly positive, but noted that investor sentiment surrounding the company remains weak after the share-trading scandal surrounding its former CEO earlier this year.

Banking group Paragon was 4.5% lower after Jefferies cut its rating on the stock from 'buy' to 'hold' and slashed its target price for the shares from 875p to 780p. The broker said: "It is the most highly rated bank in the sector, rightly so, but this may hold back total shareholder return potential near-term."

Mitie was also lower as the FTSE 250-listed facilities management and professional services company underwhelmed with a first-half trading update, despite an acceleration in top-line growth in the second quarter.

FTSE 250 - Risers

Bellway (BWY) 3,280.00p 7.47%
IntegraFin Holding (IHP) 382.50p 6.10%
Discoverie Group (DSCV) 635.00p 5.83%
Wizz Air Holdings (WIZZ) 1,285.00p 3.80%
Carnival (CCL) 1,453.50p 3.75%
Tate & Lyle (TATE) 729.00p 2.97%
JTC (JTC) 1,080.00p 2.86%
Close Brothers Group (CBG) 376.20p 2.84%
St James's Place (STJ) 798.00p 2.77%
Pennon Group (PNN) 575.00p 2.68%