FTSE 250 movers: Tullow gushes, Ferrexpo fades

by | Nov 1, 2022

FTSE 250 (MCX) up 1.67% to 18,188.30 at 1520 GMT.

Tullow Oil led the risers with a 9.73% gain on the back of a surge in profits at FTSE 100 peer BP, well ahead of City expectations.

Oil engineer Wood Group made strong gains on a readacross.

Iron ore pellet maker Ferrexpo fell as the company said it had partially resumed production at its central Ukraine facilities after Russian missile strikes damaged power supplies earlier this month, but warned that it was drawing on stockpiles to meet customer orders.

The company, which was forced to suspend production on October 11 after Russia started to target Ukraine’s power and water plants, on Tuesday said supply of power to operations remained ” variable and limited”, which has an impact on the cost effectiveness of production.

“As a result, the group is currently focused on drawing down on its stockpiles of finished iron ore products to maintain supplies to its customers, and the ability to utilise such stockpiles has ensured a consistent supply to customers since the events referenced above,” Ferrexpo added in a statement.

“The group can confirm that it has sufficient stockpiles to meet customer demand.”

Interdealer broker TP Icap fell, despite posting a jump in revenue on Tuesday thanks to a solid performance from its global broking division.

In the nine months to 30 September, total group revenue rose 10% from the same period a year earlier to £1.59bn. TP Icap said it benefitted from favourable market conditions in the global broking segment, particularly in rates, which is its largest and most profitable asset class.

Global broking revenues were 9% higher, with all asset classes generating high single digit to double digit growth. “This performance underlines the strength of the franchise, which is well positioned as central banks continue to withdraw liquidity and increase interest rates,” TP Icap said.

FTSE 250 – Risers

Tullow Oil (TLW) 44.44p 9.73%
Wood Group (John) (WG.) 153.50p 9.72%
Mitchells & Butlers (MAB) 127.10p 9.38%
Auction Technology Group (ATG) 815.00p 9.10%
ASOS (ASC) 611.00p 8.43%
Liontrust Asset Management (LIO) 918.00p 7.49%
Molten Ventures (GROW) 341.00p 6.56%
IP Group (IPO) 62.70p 6.27%
Bridgepoint Group (Reg S) (BPT) 211.60p 6.17%
National Express Group (NEX) 177.50p 4.91%

FTSE 250 – Fallers

Helios Towers (HTWS) 120.20p -4.22%
Ferrexpo (FXPO) 98.85p -3.18%
TP Icap Group (TCAP) 179.90p -2.23%
Hipgnosis Songs Fund Limited NPV (SONG) 87.10p -1.02%
Spectris (SXS) 2,994.00p -0.86%
Dr. Martens (DOCS) 247.20p -0.64%
VinaCapital Vietnam Opportunity Fund Ltd. (VOF) 427.50p -0.47%
PZ Cussons (PZC) 199.20p -0.40%
NB Private Equity Partners Ltd. (NBPE) 1,590.00p -0.31%
Worldwide Healthcare Trust (WWH) 3,290.00p -0.30%

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