FTSE 250 Movers: Home Retail Group takes a dip

9th Sep 2011 11:24

Home Retail Group was heading south after Singer Capital Markets slashed its target price for the retailer by 29%, after the group's first half results showed continued tough trading at Argos and a challenging second quarter for Homebase.Shares rose on Thursday after the group reported that while Argos - which is by far the bigger operation - registered a 7.1% decrease in sales to £859m, on a like-for-like (LFL) basis the rate of decline slowed to 8.6% from 9.6% in the first quarter. Despite full-year underlying profits from pubs group JD Wetherspoon being marginally ahead of expectations, the firm saw its share price drop. Like-for-like sales growth has been maintained in the new financial year, albeit at a lower rate. Revenue in the 52 weeks to 24 July broke through the billion pounds barrier, rising 7.5% to £1,072.0m from £996.3m the year before. Online shopping group Ocado got a boost from analysts at UBS who raised their rating on the business from neutral to buy. The move prompted a rise in the group's share price, despite the fact UBS cut its target price from 195p to 170p. FTSE 250 - RisersExillon Energy (EXI) 260.30p +13.03%Ocado Group (OCDO) 116.00p +6.91%JKX Oil & Gas (JKX) 182.80p +6.28%Imagination Technologies Group (IMG) 363.30p +5.30%EnQuest (ENQ) 105.00p +3.04%Pennon Group (PNN) 674.50p +2.98%Kofax (KFX) 307.00p +2.68%RPC Group (RPC) 327.90p +2.66%Charter International (CHTR) 802.50p +2.36%Hansteen Holdings (HSTN) 78.75p +2.27%FTSE 250 - FallersHome Retail Group (HOME) 109.90p -6.71%New World Resources A Shares (NWR) 575.50p -5.42%Enterprise Inns (ETI) 32.23p -5.01%Debenhams (DEB) 53.25p -4.48%Ferrexpo (FXPO) 366.00p -4.24%Yule Catto & Co (YULC) 172.80p -4.11%SThree (STHR) 230.70p -3.92%Cookson Group (CKSN) 446.00p -3.78%Inchcape (INCH) 284.00p -3.73%JD Wetherspoon (JDW) 401.40p -3.51%NR