FTSE 250 movers: Just Group surges; Crest Nicholson tumbles
London’s FTSE 250 was up 0.2% at 20,713.96 in afternoon trade on Tuesday.
Just Group surged as it posted a 44% jump in underlying operating profit for the first half to £249m, which was ahead of consensus expectations. It also said it now expects to "substantially exceed" previous 2024 guidance of doubling 2021's £211m operating profit in three years.
Bridgepoint gained after JPMorgan Cazenove upgraded the shares to ‘overweight’ from ‘neutral’ as it took a look at European private markets asset managers.
The bank said it was raising its adjusted earnings per share estimates for Bridgepoint by 4% in 2025 and 15% in 2027, driven by higher management fees. The target price was lifted to 358p from 259p.
"The current low ~11x 2026E P/E is an attractive entry point, with the shares offering upside both from earnings growth and rerating potential," it said.
Crest Nicholson tanked after Bellway said it was not planning to make an offer for its housebuilding rival. Bellway rallied.
Crest Nicholson said last month that it was a minded to accept a revised £720m takeover offer from Bellway, having rejected an approach at £650m a month earlier.
"As noted in its trading update released on 9 August 2024, Bellway remains confident that its robust balance sheet and operational strength, combined with the depth and quality of its land bank, will enable Bellway to deliver volume growth in the years ahead and support ongoing value creation for shareholders," the housebuilder said in a brief statement on Tuesday.
Genuit was also down as it posted a drop in first-half profit in a subdued market.
FTSE 250 - Risers
Just Group (JUST) 136.80p 16.52%
Bridgepoint Group (Reg S) (BPT) 288.60p 4.95%
Bellway (BWY) 2,932.00p 4.12%
IP Group (IPO) 39.00p 4.00%
SSP Group (SSPG) 165.40p 2.61%
Elementis (ELM) 155.40p 2.37%
Aston Martin Lagonda Global Holdings (AML) 139.40p 2.27%
Direct Line Insurance Group (DLG) 178.80p 2.23%
Drax Group (DRX) 658.00p 2.02%
Wetherspoon (J.D.) (JDW) 749.00p 1.90%
FTSE 250 - Fallers
Crest Nicholson Holdings (CRST) 221.20p -16.02%
Genuit Group (GEN) 444.00p -4.52%
Marshalls (MSLH) 322.00p -3.30%
Apax Global Alpha Limited (APAX) 137.00p -2.42%
Syncona Limited NPV (SYNC) 115.20p -2.37%
Indivior (INDV) 945.00p -2.33%
Energean (ENOG) 920.50p -1.60%
Essentra (ESNT) 160.80p -1.59%
NB Private Equity Partners Ltd. (NBPE) 1,576.00p -1.50%
CMC Markets (CMCX) 313.50p -1.42%