FTSE 250 movers: Property plays find friends

6th Nov 2009 12:35

Millennium & Copthorne rose again Friday despite yesterday's 27% slump in third quarter pre-tax profit, as investors bet the hotel operator has turned a corner."Our current bookings are showing some positive momentum in demand," the group said Thursday. "While it is too early to predict with accuracy how markets will behave in 2010 we are encouraged by these improving trends which suggest that the worst may be behind us."The Independent newspaper was unimpressed. It said 'take profits' following a strong rally since May. Great Portland Estates jumped after JPMorgan Chase upgraded the stock from 'neutral' to 'overweight'. St Modwen Properties is also up alongside hosuebuilders Persimmon and Barratt Developments.A survey by Reita, the education and awareness campaign for property investment, found that 68% of IFAs now expect the commercial property sector to start to recover before the end of 2010. Twelve per cent think it'll happen before the end of this year.FTSE 250 - RisersMillennium & Copthorne Hotels (MLC) 388.10p +6.80%Grainger (GRI) 268.60p +5.91%Persimmon (PSN) 433.80p +4.81%Great Portland Estates (GPOR) 259.40p +4.26%Vectura Group (VEC) 86.50p +4.22%St. Modwen Properties (SMP) 221.80p +3.84%International Personal Finance (IPF) 217.50p +3.82%Tullett Prebon (TLPR) 383.80p +3.76%Barratt Developments (BDEV) 139.00p +3.73%Shanks Group (SKS) 89.25p +3.66%FTSE 250 - FallersHikma Pharmaceuticals (HIK) 454.70p -2.97%BTG (BGC) 177.80p -2.95%Morgan Sindall (MGNS) 570.00p -2.56%Lamprell (LAM) 215.00p -2.23%Trinity Mirror (TNI) 162.00p -2.11%Homeserve (HSV) 1,560.00p -2.01%Dairy Crest Group (DCG) 398.10p -1.70%Northumbrian Water Group (NWG) 231.30p -1.57%Cranswick (CWK) 689.50p -1.50%Drax Group (DRX) 464.10p -1.49%