FTSE 250 movers: Double-digit gains for DiscoverIE, Victrex and SSP
By Benjamin Chiou
Date: Tuesday 03 Dec 2024
(Sharecast News) - The FTSE 250 was trading firmly higher on Tuesday afternoon with well-received updates from the likes of DiscoverIE, Victrex, SSP and Paragon Banking providing a big lift.
Shares in DiscoverIE jumped 17% after interim results from the electrical components group impressed, with the stock given an additional boost from Shore Capital which lifted its recommendation from 'sell' to 'hold'. First-half revenues were in line with market expectations expectations, down 5% year-on-year, but an improvement in margins mitigated the decline in adjusted operating profits to just 2%.
Victrex Group was up 12% despite reporting a slide in annual profits, after the polymer specialist said 2025 had got off to a "solid" start. Analysts at Jefferies said: "There is clear potential for a better 2025 full-year forecast versus 2024 and, given how weak the shares have been this year, we expect this to be taken well."
Also up 12% was SSP after the Upper Crust and Ritazza owner revealed a 35% surge in full-year profit and 17% increase in revenue as good performances in North America and the UK helped to offset a disappointing performance in Continental Europe.
Property and business lender Paragon Banking rose 5% after saying that full-year profits had increased 27% on the back of increased loan volumes, leading the group to launch a fresh buyback programme.
Heading the other way was Derwent London after the property group underwhelmed with the acquisition of the remaining 50% stake in its 50 Baker Street W1 project for £44.4m.
Direct Line continued to pull back after a huge surge last week following a rejected £3.3bn takeover bid from larger competitor Aviva. Shares slipped slightly for the second day after a near-50% surge over Thursday and Friday.
FTSE 250 - Risers
Discoverie Group (DSCV) 740.00p 16.90%
Victrex plc (VCT) 983.00p 12.09%
SSP Group (SSPG) 181.50p 11.97%
Auction Technology Group (ATG) 566.00p 5.60%
Paragon Banking Group (PAG) 783.00p 4.75%
Hochschild Mining (HOC) 223.50p 4.20%
Wood Group (John) (WG.) 59.05p 4.14%
Just Group (JUST) 152.60p 3.11%
Quilter (QLT) 154.50p 3.07%
Edinburgh Worldwide Inv Trust (EWI) 190.00p 3.04%
FTSE 250 - Fallers
Ocado Group (OCDO) 306.00p -2.39%
Currys (CURY) 79.30p -2.10%
Raspberry PI Holdings (RPI) 361.70p -1.82%
CMC Markets (CMCX) 280.50p -1.58%
Direct Line Insurance Group (DLG) 228.80p -1.38%
St James's Place (STJ) 892.00p -1.27%
HarbourVest Global Private Equity Limited A Shs (HVPE) 2,420.00p -1.22%
Games Workshop Group (GAW) 14,050.00p -1.20%
Derwent London (DLN) 2,060.00p -1.06%
Kainos Group (KNOS) 761.00p -1.04%
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