FTSE 250 movers: Hays, Derwent London and Bank of Georgia in demand
The second-tier index was edging higher on Thursday with Hays, Derwent London and Bank of Georgia providing a lift, offsetting weakness among ex-dividend stocks.
Recruiter Hays was up 4% even after posting a big decline in full-year profit amid a "a clear slowdown" in challenging markets. In the year to the end of June, operating profits fell 47% but were in line with consensus, while the company announced plans for a further £30m in cost savings annually by the year to June 2027.
Property investment and development business Derwent London was helped higher after analysts at Berenberg raised their target price on the stock from 2,494.0p to 2,700.0p, stating the group's improving outlook should drive performance.
Bank of Georgia rose after announcing a £21m share buyback programme as it unveiled its results for the second quarter, in which it delivered an 11% increase in profits.
Serco was also rising slightly on the back of a $320m contract with the US Army Corps of Engineers to modernise the electrical infrastructure at the US Space Force's Pituffik Space Base in Greenland.
OSB, Investec and Just Group were among the worst performers on the FTSE 250 after going ex-dividend on Thursday – meaning that are trading without the right to their latest shareholder payouts.
Outside of the bottom 10 performers, Babcock, Hammerson, Ibstock, International Distribution Services, Schroders, Shaftesbury Capital, St James’s Place and Tritax Big Box REIT were also in the red after going ex-dividend.
Diversified Energy was down 3%, extending losses made on Tuesday following the announced $68m acquisition of a package of high-quality assets in East Texas. The company said the deal expands its footprint and increases its scale in the region, though investors remain underwhelmed with shares having dived nearly 7% since the announcement.
FTSE 250 - Risers
North Atlantic Smaller Companies Inv Trust (NAS) 4,250.00p 4.17%
Hays (HAS) 98.80p 4.00%
Helios Towers (HTWS) 125.00p 3.48%
Future (FUTR) 1,093.00p 2.44%
Close Brothers Group (CBG) 503.50p 2.42%
IP Group (IPO) 41.95p 2.32%
Lancashire Holdings Limited (LRE) 676.00p 2.27%
CMC Markets (CMCX) 329.50p 2.17%
Derwent London (DLN) 2,376.00p 2.15%
Bank of Georgia Group (BGEO) 4,410.00p 2.08%
FTSE 250 - Fallers
Ithaca Energy (ITH) 126.20p -3.66%
OSB Group (OSB) 385.40p -3.65%
Investec (INVP) 567.00p -3.32%
Diversified Energy Company (DEC) 964.00p -2.92%
XPS Pensions Group (XPS) 311.00p -2.81%
Hochschild Mining (HOC) 189.20p -1.87%
TP Icap Group (TCAP) 240.50p -1.64%
W.A.G Payment Solutions (WPS) 67.00p -1.47%
Just Group (JUST) 149.00p -1.46%
Bodycote (BOY) 656.00p -1.35%