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FTSE 250 movers: Morgan Sindall surges, financial stocks fall
(Sharecast News) - Construction firm Morgan Sindall was the notable outperformer on the FTSE 250 on Tuesday after reporting that full-year profits would now be "significantly ahead" of previous expectations.
Shares were up nearly 20% in afternoon trade after the group said profits at its fit-out division continue to strengthen significantly due to "exceptional volumes". The unit's secured order book as of 30 September was £1.3bn, up 15% from its 2023 year-end position, providing it with confidence in the full year and beyond.
High-end fashion brand Burberry was also a high riser, gaining 4% as sentiment in the luxury sector continues to be dominated by newsflow from China, where government stimulus measures have been announced to encourage domestic consumption. Burberry's stock has now gained nearly 14% over the past week, but still remains 50% lower on the year, so an element of bargain-hunting could be behind the recent rise.
Genus was the heaviest faller of the day on the news that chief financial officer Alison Henriksen plans to retire after five years with the animal genetics company. Genus said the board has kicked off a comprehensive search for her successor and will provide an update once the process has concluded.
Financial stocks such as Ninety One, Direct Line, Abrdn, Petershill Partners, Baillie Gifford Japan Trust and RHI Magnesita were also among the top fallers, as macro uncertainty weighs on the wider market.
FTSE 250 - Risers
Morgan Sindall Group (MGNS) 3,880.00p 19.38% W.A.G Payment Solutions (WPS) 84.00p 5.79% Wizz Air Holdings (WIZZ) 1,240.00p 5.62% Burberry Group (BRBY) 710.20p 3.80% Raspberry PI Holdings (RPI) 373.70p 3.23% Bloomsbury Publishing (BMY) 664.00p 3.11% Dr. Martens (DOCS) 55.70p 2.58% Hays (HAS) 81.80p 2.19% Kier Group (KIE) 150.20p 2.18% TBC Bank Group (TBCG) 2,895.00p 1.94%
FTSE 250 - Fallers
Genus (GNS) 2,005.00p -2.91% Ninety One (N91) 175.40p -2.83% Direct Line Insurance Group (DLG) 173.10p -2.37% Drax Group (DRX) 645.00p -2.27% Bakkavor Group (BAKK) 161.00p -2.13% Computacenter (CCC) 2,402.00p -2.12% Baillie Gifford Japan Trust (BGFD) 710.00p -2.07% RHI Magnesita N.V. (DI) (RHIM) 3,335.00p -2.06% Abrdn (ABDN) 166.20p -1.86% Petershill Partners (PHLL) 216.00p -1.82%
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