FTSE 250 movers: McCarthy & Stone climb, gold miners lose shine
The FTSE 250 index rose 0.41% to 18,171.68 in the late afternoon.
Stationery retailer WH Smith’s got a boost from its profit forecast upgrade after its travel stores performed well over the holiday period. For the 21 weeks ended 21 January, like-for-like sales were up 1% and total sales rose 2%, compared to last year.
Specialist Emerging Markets investment manager Ashmore was a high riser as UBS upgraded the stock to ‘buy’ from ‘neutral’, saying the market has little to fear from rising the US dollar and interest rates. The broker said the market has over-reacted to the impact a stronger US dollar and rising interest rates will have on emerging market debt and on Ashmore, where more than 90% of assets under management are in EM debt.
Mexican miner Fresnillo nudged higher after achieving record production of gold and silver in 2016, even though the miner experienced some delays in implementing its turnaround plan.
Retirement housebuilder McCarthy & Stone gained as it said it continues to experience “normal” trading conditions after its year end results. Year-to-date reservations were currently running ahead of the prior year, and contributed a further £206m of revenue to the group's forward order book, representing a year-on-year increase of 5% due to improved average selling prices achieved.
Copper miner Kaz Minerals was on the front foot as the price of the orange metal climbed 0.46%.
Restaurant Group was under the cosh as like-for-like sales continued to slip in the fourth quarter of 2016. The new chief executive, Andy McCue, plans a "substantial" revamp of its casual dining chains as part of a group-wide "transformation programme".
Gold miners Centamin, Hochschild Mining, Polymetal and Acacia Mining were on the back foot as the price of the yellow metal fell 1.17%.
British-based pharmaceuticals company Vectura was in the red despite its sales milestone receipt of $5m triggered by confirmation by Novartis that EU/Rest of World combined net sales of its Seebri Breezhaler and Ultibro Breezhaler for the year to the end of December have reached $512m.
Risers
WH Smith (SMWH) 1,580.00p 6.76%
Aggreko (AGK) 1,059.00p 5.16%
Ashmore Group (ASHM) 307.80p 4.98%
Ferrexpo (FXPO) 147.10p 4.77%
Man Group (EMG) 132.30p 4.67%
Aldermore Group (ALD) 219.60p 4.47%
McCarthy & Stone (MCS) 173.70p 3.76%
Drax Group (DRX) 392.10p 3.08%
QinetiQ Group (QQ.) 267.80p 2.88%
Kaz Minerals (KAZ) 450.80p 2.52%
Fallers
Restaurant Group (RTN) 308.10p -10.98%
Centamin (DI) (CEY) 148.00p -4.39%
Hochschild Mining (HOC) 242.20p -4.31%
Domino's Pizza Group (DOM) 362.10p -3.34%
Acacia Mining (ACA) 412.30p -2.64%
IP Group (IPO) 189.00p -2.07%
Polymetal International (POLY) 945.50p -2.07%
Millennium & Copthorne Hotels (MLC) 465.60p -1.98%
Hastings Group Holdings (HSTG) 224.90p -1.96%
Vectura Group (VEC) 133.20p -1.55%