FTSE 250 movers: Bellway, IntegraFin and DiscoverIE impress with results

15th Oct 2024 15:04

(Sharecast News) - Bellway, IntegraFin and DiscoverIE were all rising strongly on Tuesday as financial results and updates from the three groups impressed the market.

Housebuilder Bellway was up 7.5% after reassuring investors with its outlook statement alongside its full-year results which showed a plunge in annual profits. The company predicted a "material increase in volume output" this year amid an improving macreconomic backdrop.

Investment platform operator Integrafin was up 6.1% after reporting that average daily funds under direction had hit record highs in its fourth quarter, boosting total group revenues for the period.

Meanwhile, electronic components manufacturer DiscoverIE jumped 5.8% after revealing that first-half earnings were in line with internal expectations and noting that it "remains on-track" to meet guidance for the financial year.

Airline Wizz Air and cruise operator Carnival were rising strongly as travel stocks got a boost from falling oil prices, while producer Harbour Energy declined. Brent crude was down 4.3% at $74.16 a barrel after a report claimed Israel would strike at Iranian military installations instead of its energy facilities.

Leading the fallers was Byte Technology, down 5.3% after the computer software firm said revenues fell 3% in the first half, albeit in line with expectations. Shore Capital said that the results were broadly positive, but noted that investor sentiment surrounding the company remains weak after the share-trading scandal surrounding its former CEO earlier this year.

Banking group Paragon was 4.5% lower after Jefferies cut its rating on the stock from 'buy' to 'hold' and slashed its target price for the shares from 875p to 780p. The broker said: "It is the most highly rated bank in the sector, rightly so, but this may hold back total shareholder return potential near-term."

Mitie was also lower as the FTSE 250-listed facilities management and professional services company underwhelmed with a first-half trading update, despite an acceleration in top-line growth in the second quarter.

FTSE 250 - Risers

Bellway (BWY) 3,280.00p 7.47%

IntegraFin Holding (IHP) 382.50p 6.10%

Discoverie Group (DSCV) 635.00p 5.83%

Wizz Air Holdings (WIZZ) 1,285.00p 3.80%

Carnival (CCL) 1,453.50p 3.75%

Tate & Lyle (TATE) 729.00p 2.97%

JTC (JTC) 1,080.00p 2.86%

Close Brothers Group (CBG) 376.20p 2.84%

St James's Place (STJ) 798.00p 2.77%

Pennon Group (PNN) 575.00p 2.68%

FTSE 250 - Fallers

Bytes Technology Group (BYIT) 467.00p -5.31%

Paragon Banking Group (PAG) 735.50p -4.54%

Ocado Group (OCDO) 369.30p -3.95%

Fidelity China Special Situations (FCSS) 214.50p -3.81%

Man Group (EMG) 206.40p -3.73%

Syncona Limited NPV (SYNC) 104.80p -3.50%

Watches of Switzerland Group (WOSG) 452.80p -2.83%

Mitie Group (MTO) 117.80p -2.81%

Harbour Energy (HBR) 268.50p -2.75%

W.A.G Payment Solutions (WPS) 77.80p -2.75%