LONDON (ShareCast) - (Sharecast News) - London's FTSE 250 was down 0.4% to 20,767.17 in afternoon trade on Wednesday as investors sifted through a deluge of corporate news.
Brewin Dolphin was the star performer as the wealth manager said total third-quarter income hit a record £84.2m driven by continued strong organic growth in discretionary funds. Total funds under management increased 6.5% to £42.3bn, with discretionary funds up 7.3% in the quarter to £40.9bn, compared to £38.1bn in the first half of 2018 and £37.4bn for 2017.

Elsewhere, B&M European Value Retail was boosted by an upgrade to 'buy' at Citi as it took a look at the European general retail sector.

"We expect B&M to deliver +20% earnings per share growth in FY19E and see potential for a £200m cash return equivalent to circa 5% of the market capitalisation in addition to the circa 2% dividend yield. This total shareholder return puts it on a par with the online retailers for 20x FY19 PE."

Tullow Oil gushed higher after saying it swung to a profit in the first half from a loss the year before, while Qinetiq gained after the defence contractor said first-quarter trading was in line with expectations and maintained its full-year forecasts.

Going the other way, Indivior tumbled as it reported a 13% drop in first-half profits to $147m after losing market share for its main product and due to just $2m of sales from the launch of its new Sublocade treatment.

Discussions with the Department of Justice were also said to be at the "advanced" stage over resolution to investigations into the FTSE 250 company's marketing and promotion practices of its Subxone Film treatment for opioid addiction, pediatric safety claims and overprescribing of medication by some doctors.

Wizz Air flew lower after the low-cost carrier posted a 14% drop in first-quarter profit as it took a hit from air traffic disruptions and the timing of Easter.

In a trading update for the three months to 30 June, the company said pre-tax profit fell to €52.1m from €60.5m in the same period a year ago. Wizz pinned the blame on air traffic controller strikes and shortages. It said the unprecedented numbers of disruptions caused mainly by European air traffic control issues led to a 426% rise in cancellations to 145.

BTG fell the day after being lifted by takeover speculation. The Times had cited speculation that the drug manufacturer was being considered a takeover target.

FTSE 250 - Risers

Brewin Dolphin Holdings (BRW) 353.60p 5.11%
B&M European Value Retail S.A. (DI) (BME) 423.80p 3.11%
PZ Cussons (PZC) 222.35p 2.94%
Close Brothers Group (CBG) 1,611.00p 2.61%
Daejan Holdings (DJAN) 6,060.00p 2.54%
Britvic (BVIC) 831.50p 2.15%
Euromoney Institutional Investor (ERM) 1,378.00p 2.07%
Tullow Oil (TLW) 221.40p 2.03%
QinetiQ Group (QQ.) 276.10p 1.77%
Energean Oil & Gas (ENOG) 540.00p 1.69%

FTSE 250 - Fallers

Indivior (INDV) 290.20p -12.98%
Wizz Air Holdings (WIZZ) 3,377.00p -5.09%
Charter Court Financial Services Group (CCFS) 335.75p -4.55%
On The Beach Group (OTB) 432.50p -3.89%
Domino's Pizza Group (DOM) 333.80p -3.47%
888 Holdings (888) 245.20p -3.24%
BCA Marketplace (BCA) 229.50p -3.16%
Spectris (SXS) 2,285.00p -3.14%
BTG (BTG) 514.00p -2.93%
Weir Group (WEIR) 1,896.00p -2.77%

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