FTSE 250 movers: OneSavings leads three peers higher, Investec ragged by rand
The FTSE 250 was in positive territory by Wednesday afternoon, unlike its blue chip sister, as a gaggle of specialist banks lifted the mid-cap index 0.25% to 18,027.79.
Providing the spark were half-year profits from OneSavings Bank, which were higher than the market expected despite management's prudent approach ahead of the Brexit referendum.
Loan origination was up 25% to £973m, lifting underlying loan book growth 10% and with net interest margin improving by two basis points to 3.07%, feeding through to a 36% gain in adjusted pre-tax profits to £64.6m, well ahead of the analysts consensus of £60.3m.
Analysts and investors were impressed and this spread to opinions about peers Shawbrook, Aldermore and Virgin Money.
Marshalls was higher, coming back to its pre-Brexit level, before its shares go ex-dividend on Thursday.
Dual listed Investec was the biggest faller as South Africa's currency, the rand, was battered by growing speculation that finance minister Pravin Gordhan could be arrested.
The Treasury confirmed that Grdhan was taking legal advice having been contacted by the elite police unit, the Hawks, rumours he could be charged in connection with an alleged rogue spy unit that was set up at the tax collection agency when he headed it up between 1999 and 2009.
FTSE 250 - Risers
OneSavings Bank (OSB) 265.70p 11.97%
Countrywide (CWD) 276.00p 7.23%
Shawbrook Group (SHAW) 202.40p 6.81%
Aldermore Group (ALD) 147.80p 5.35%
Marshalls (MSLH) 301.50p 5.09%
Card Factory (CARD) 287.60p 4.47%
Euromoney Institutional Investor (ERM) 1,090.00p 4.41%
Grafton Group Units (GFTU) 591.50p 4.14%
Virgin Money Holdings (UK) (VM.) 307.00p 4.07%
Brown (N.) Group (BWNG) 209.00p 3.88%
FTSE 250 - Fallers
Investec (INVP) 461.20p -6.34%
Acacia Mining (ACA) 554.00p -3.40%
Just Eat (JE.) 568.50p -2.57%
Centamin (DI) (CEY) 165.60p -2.13%
Evraz (EVR) 138.40p -2.05%
Redefine International (RDI) 43.38p -1.70%
Polymetal International (POLY) 1,140.00p -1.47%
Vedanta Resources (VED) 530.00p -1.40%
Spire Healthcare Group (SPI) 343.40p -1.32%
Amec Foster Wheeler (AMFW) 547.50p -1.26%