FTSE 250 movers: Rathbones gains; Wood Group slips

31st Jul 2024 14:42

(Sharecast News) - FTSE 250 (MCX) 21,549.73 0.55%

Rathbones advanced after it reported a jump in first-half profit and funds under management as it said it was ahead of its objectives following a merger with Investec Wealth & Investment.

In the six months to 30 June, funds under management and administration rose 3.4% to £108.9bn, with a "significant" improvement in net flows in the second quarter.

Meanwhile, underlying pre-tax profit surged 120.7% to £112.1m and the interim dividend was lifted 3.4% to 30p a share.

Spectris was boosted by an upgrade to 'neutral' from 'underweight' at JPMorgan Cazenove. The price target was lifted to 2,950p from 2,750p as it said the risk/reward was now more balanced.

The bank noted that Spectris missed consensus adjusted EBITA expectations by 5% on Tuesday, having warned on profits in mid-June, but maintained its FY24 guidance.

JPM said it was cutting its forecasts "marginally" and continues to see risk to organic consensus expectations.

"However, with the recently announced acquisitions expected to close before Q3, we believe earnings momentum will improve nearer term as the deals are consolidated before we see any potential organic downgrades," it said.

"Moreover, with the shares also now -22% year-to-date, underperforming the SXNP by 32%, we now see risk/ reward as more balanced."

Harbour Energy and Diversified Energy both gained as oil prices pushed up amid escalating tensions in the Middle East.

Essentra continued to rally after reporting a return to growth in its second quarter on Tuesday and maintaining its full-year expectations.

Wood Group led the fallers.

Market Movers

FTSE 250 - Risers

Indivior (INDV) 1,071.00p 5.83%

Essentra (ESNT) 168.60p 5.11%

Rathbones Group (RAT) 1,874.00p 4.69%

Renishaw (RSW) 3,735.00p 3.75%

Mony Group (MONY) 234.40p 3.44%

JPMorgan Japanese Inv Trust (JFJ) 554.00p 3.17%

Hochschild Mining (HOC) 181.60p 3.06%

Harbour Energy (HBR) 312.70p 2.90%

Trainline (TRN) 339.60p 2.85%

Diversified Energy Company (DEC) 1,296.00p 2.78%

FTSE 250 - Fallers

Wood Group (John) (WG.) 196.80p -3.43%

Inchcape (INCH) 834.00p -2.97%

RHI Magnesita N.V. (DI) (RHIM) 3,615.00p -2.95%

PPHE Hotel Group Ltd (PPH) 1,415.00p -2.41%

Kainos Group (KNOS) 1,092.00p -2.33%

St James's Place (STJ) 682.00p -2.15%

Mitie Group (MTO) 120.60p -1.47%

Apax Global Alpha Limited (APAX) 152.80p -1.42%

Great Portland Estates (GPE) 348.00p -1.42%

Lancashire Holdings Limited (LRE) 631.00p -1.41%