FTSE 250 movers: JD Sports in fashion but Drax gives back some gains
London’s FTSE 250 was down 0.3% to 17,333.51 at 1515 GMT, as investors digested a stronger-than-expected non-farm payrolls report that all but guarantees the Federal Reserve will raise interest rates later this month.
JD Sports Fashion was a higher riser after it said late on Thursday that it expects headline profit before tax and exceptional items for the current financial year to exceed consensus market expectations of £125m by £10m.
The sports retailer said relatively strong trading has continued following the “exceptional performance” in the 26-week period to 1 August, which saw like-for-like sales growth across all group fascias, including those in Europe, in excess of 10%.
"Whilst recognising the critical importance of trading through the remainder of December and early January and also the further infrastructure cost increases during the year to support the increasing international development of the business, the board expects that the headline profit before tax and exceptional items for the current financial year is likely to exceed current consensus market expectations."
Power company Drax was sharply lower, giving back some of the gains from earlier in the week when it surged on news that the European Commission had approved the UK government’s support for converting the Lynemouth power station from coal to biomass.
Lynemouth Power, a subsidiary of RWE Supply and Trading, operates the coal-fired polant, which would be able to generate 420 megawatts of electricity running exclusively on wood pellets.
The Lynemouth plant in Northumberland is one of eight projects in the UK, including a Drax biomass conversion plant, aiming to generate generate more electricity from renewable sources.
The EU has yet to rule on Drax’s project in North Yorkshire, but Tuesday's ruling appeared to bode well for the company.
Energy-related stocks were also under the cosh as oil prices declined, with West Texas Intermediate down 2.5% to $40.04 a barrel and Brent crude down 1.8% at $43.05. Exploration and production companies Tullow Oil and Premier Oil were both in the red.
Risers
Aldermore Group (ALD) 241.30p 3.70%
JD Sports Fashion (JD.) 1,040.00p 3.17%
esure Group (ESUR) 258.10p 2.99%
Computacenter (CCC) 828.50p 2.54%
Vesuvius (VSVS) 340.90p 2.53%
Allied Minds (ALM) 440.40p 2.42%
Card Factory (CARD) 373.70p 2.38%
Enterprise Inns (ETI) 106.30p 2.11%
Bwin.party Digital Entertainment (BPTY) 107.40p 2.09%
Evraz (EVR) 77.50p 2.04%
Fallers
Drax Group (DRX) 227.00p -7.12%
IP Group (IPO) 219.60p -4.52%
Keller Group (KLR) 827.50p -4.22%
Entertainment One Limited (ETO) 202.40p -4.17%
Weir Group (WEIR) 1,062.00p -4.15%
Tullow Oil (TLW) 192.30p -3.42%
Kaz Minerals (KAZ) 97.75p -3.31%
Investec (INVP) 533.00p -3.18%
Domino's Pizza Group (DOM) 993.50p -2.69%
Premier Oil (PMO) 63.75p -2.67%