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FTSE 250 movers: Grafton rises on acquisition, Hochschild in the red
(Sharecast News) - The FTSE 250 was trading more than 1% higher on Wednesday afternoon, with the gains driven by updates from a number of companies earlier in the session. Building materials distributor Grafton Group saw its shares climb after announcing the acquisition of Salvador Escoda, a major HVAC distributor in Spain, for up to €132m.
Salvador Escoda, established in 1974, supplies air conditioning, heating, ventilation, and renewable products to installers across Spain from its 93 branches and four distribution centres.
Over half of its revenue stems from private label brands, which aligns with Grafton's expansion strategy in fragmented markets with strong growth prospects.
Elsewhere, Aston Martin Lagonda made gains after reporting a smaller-than-anticipated third-quarter loss, bolstered by an 8% increase in revenue to £391.6m.
The carmaker's adjusted pre-tax loss narrowed to £10.3m, well below analysts' forecasts of a £92 million loss.
With a growing order book and new models in the pipeline, Aston Martin reiterated its confidence in achieving its full-year targets.
IG Group also rose following its announcement of Clifford Abrahams as the incoming chief financial officer, effective 16 December.
Abrahams, currently CFO at Virgin Money UK, brings substantial financial expertise, with previous experience as group CFO at ABN Amro Bank and Delta Lloyd Group.
On the downside, Hochschild Mining shares declined after disclosing its subsidiary, Amarillo Mineração, would acquire the Monte Do Carmo Project in Brazil from Cerrado Gold for $60m.
The deal involved an initial $30m payment, with an additional $15m to be paid post-closing at specific milestones.
Hochschild, which received shareholder approval for the acquisition in June, expects this project to expand its mining portfolio but faces investor caution over the financial outlay.
Reporting by Josh White for Sharecast.com.
FTSE 250 - Risers
Grafton Group Ut (CDI) (GFTU) 1,052.80p 5.33% Crest Nicholson Holdings (CRST) 188.00p 4.79% BlackRock Smaller Companies Trust (BRSC) 1,468.00p 4.71% Ibstock (IBST) 210.00p 4.48% Travis Perkins (TPK) 862.00p 4.36% Ocado Group (OCDO) 366.60p 4.24% Auction Technology Group (ATG) 460.00p 4.19% Alpha Group International (ALPH) 2,145.00p 4.13% Trustpilot Group (TRST) 251.50p 3.71% Big Yellow Group (BYG) 1,252.00p 3.64%
FTSE 250 - Fallers
Close Brothers Group (CBG) 236.60p -3.19% Dr. Martens (DOCS) 55.10p -2.56% Carnival (CCL) 1,506.00p -2.21% Hochschild Mining (HOC) 232.00p -2.11% Fidelity China Special Situations (FCSS) 213.50p -2.06% Centamin (DI) (CEY) 161.30p -1.35% JPMorgan Emerging Markets Inv Trust (JMG) 107.20p -1.29% Bridgepoint Group (Reg S) (BPT) 322.20p -1.17% Templeton Emerging Markets Inv Trust (TEM) 166.00p -0.95% Finsbury Growth & Income Trust (FGT) 839.00p -0.94%
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