FTSE 250 movers: Inchcape jumps despite falling sales

13th Mar 2012 14:34

Car retailer and distributor Inchcape saw sales in 2011 hit by weak markets in the UK and Greece, but managed to raise its operating margin through tight cost control. Nomura said that the results were broadly in line with expectations. Shares jumped nine per cent.Meanwhile, house builders were performing well. Credit Suisse published a research report this morning entitled 'Buy on NewBuy', saying that if just a small fraction of the 100,000 new home builds targeted (as part of the government's scheme) were to be built, it would have a material (positive) impact on 2012-2013 EPS targets for the house building industry. With the broker expecting average EPS growth of around 40% for the sector over the next two years, Bellway, Persimmon, Taylor Wimpey, Bovis Homes and Barratt Developments are all making decent gains. Satellite group Inmarsat was a heavy faller after Citi downgraded the sock from neutral to sell. Hot on its heels was spread-betting firm IG Group which experienced a significant slowdown in sales growth during the third quarter, after the previous market volatility that had helped sales in the first half was alleviated.In the three months to February 29th, revenue increased by just 1.5% year-on-year to £75m. In the first six months of the fiscal year, net trading revenue surged 27.8% to £195.46m. FTSE 250 - RisersInchcape (INCH) 409.60p +8.68%3i Group (III) 210.10p +6.98%Mitie Group (MTO) 285.40p +6.33%Debenhams (DEB) 74.90p +5.12%Barratt Developments (BDEV) 148.80p +4.94%Soco International (SIA) 325.50p +4.33%Taylor Wimpey (TW.) 52.10p +4.28%Carpetright (CPR) 631.00p +4.21%Computacenter (CCC) 426.60p +4.05%Micro Focus International (MCRO) 473.40p +3.82%FTSE 250 - FallersInmarsat (ISAT) 463.30p -3.06%IG Group Holdings (IGG) 454.70p -2.51%BH Global Ltd. USD Shares (BHGU) 11.71 -2.42%Bumi (BUMI) 770.00p -1.79%Cobham (COB) 216.80p -1.72%Spirit Pub Company (SPRT) 59.00p -1.67%Northgate (NTG) 240.90p -1.67%Interserve (IRV) 293.30p -1.58%Centamin (DI) (CEY) 83.70p -1.53%Perform Group (PER) 302.00p -1.31%NR