FTSE 250 movers: Senior and Ithaca Energy drop sharply

8th Oct 2024 12:22

(Sharecast News) - The FTSE 250 was trading with heavy losses on Tuesday afternoon, down 1.1% with more than 90% of constituents trading in the red, led by Senior after the engineering solutions provider announced that the ongoing supply and logistical challenges hitting the wider aerospace sector will have an impact on full-year results.

Senior, which makes high-tech components and systems for OEM manufacturers in the aerospace, defence, land vehicle, power and energy markets, now expects aerospace results in the second half to be lower than the first due to "temporary near-term customer related headwinds", citing delays at both Boeing and Airbus.

North Sea-focused oil producer Ithaca Energy was also a heavy faller, dropping nearly 9% as crude prices pulled back sharply following a surge over recent days owing to escalating conflict in the Middle East. Brent was down 4.4% at $77.40 a barrel in afternoon trade after topping the $80 mark on Monday for the first time in six weeks.

Weakening sentiment around the economic environment in China was weighing on two FTSE 250 stocks in particular: Fidelity China Special Situations and Burberry. Stocks in China plummeted overnight, with Hong Kong's main benchmark index losing 9.4%, as traders returned to their desks after the Golden Week holiday disappointed with the lack of new stimulus measures from Beijing.

Burberry was also being weighed down by comments from JPMorgan, which said in a research note that it sits 17% below consensus with its full-year profit estimates and has the stock on 'negative catalyst watch' ahead of its first-half results announcement. On the wider luxury sector, the bank said it expects third-quarter results season to "confirm muted trends [...] with growth broadly in line with Q2 despite easing comps".

Another heavy faller was housebuilder Crest Nicholson, falling in sympathy with FTSE 100 peer Vistry which tumbled more than 20% after a profit warning.

One rare bright spark was PRS Reit after the private rental group reported a strong set of full-year results, driven by solid asset performance and robust rental demand. Revenues were up 17% at £58.2m, with net income rising 18% to £47.3m.

FTSE 250 - Risers

PRS Reit (The) (PRSR) 104.40p 5.56%

Carnival (CCL) 1,295.00p 2.29%

Tritax Eurobox (GBP) (EBOX) 69.10p 1.02%

CMC Markets (CMCX) 303.50p 1.00%

Moonpig Group (MOON) 220.00p 0.92%

Pets at Home Group (PETS) 305.20p 0.79%

Plus500 Ltd (DI) (PLUS) 2,464.00p 0.74%

Hammerson (HMSO) 308.20p 0.72%

Dunelm Group (DNLM) 1,175.00p 0.60%

Spirent Communications (SPT) 173.30p 0.58%

FTSE 250 - Fallers

Senior (SNR) 128.00p -12.81%

Ithaca Energy (ITH) 106.80p -8.56%

Fidelity China Special Situations (FCSS) 226.50p -7.36%

W.A.G Payment Solutions (WPS) 77.60p -6.28%

Crest Nicholson Holdings (CRST) 182.80p -5.53%

Burberry Group (BRBY) 643.00p -4.54%

International Workplace Group (IWG) 170.90p -4.15%

Harbour Energy (HBR) 272.60p -3.64%

Victrex plc (VCT) 904.00p -3.62%

Indivior (INDV) 757.50p -3.38%