FTSE 250 movers: House builders in favour

(Sharecast News) - The FTSE 250 was down 0.19% at 19,123.15. Shares in UK house builder Crest Nicholson surged as the firm raised its full-year outlook, despite swinging to an interim loss due to an exceptional charge and said it expected to counter cost inflation with higher selling prices.

The company said it expected full-year adjusted pre-tax profit to be £135m - £140m, compared with £45.9m a year before.

"Despite the unpredictable global, economic and political outlook, we remain optimistic about the fundamentals of the UK housing market," said chief executive Peter Truscott.

Pre-tax losses for the six months ended to April 30, were £52.5m compared with a profit of £36.3m, due to an exceptional pre-tax charge of £105m, including obligations related to the UK government's Building Safety Pledge.

Rival Bellway was also higher after an upbeat trading statement, while Beazley was up on the positive sector momentum.

Paragon Banking Group gained as the company upgraded its full-year guidance and reported record first-half profits, driven by an improving rate environment and strong new business pipeline.

In the six months to the end of March, underlying profits rose 27.3% to £105.5m, while statutory pre-tax profit was 49% higher at £143.6m.

New lending was up 32.2% on the same half a year ago to £1.49bn and the company hailed a "strong" new business pipeline, with the buy-to-let pipeline up 44.4% to £1.34bn.

Paragon also said on Tuesday that it was extending its share buyback programme for this year by an additional £25m.

Industrial electronics manufacturer DiscoverIE Group was up after reporting a 25% improvement in revenue in its preliminary results, to £379.2m, amid record growth in its orders and sales.

The FTSE 250 company said its underlying operating profit was 34% firmer in the 12 months ended 31 March, to £41.4m, while its underlying operating margin expanded by 0.7 percentage points to 10.9%.

Gene and cell therapy group Oxford Biomedica fell despite saying that the US Food and Drug Administration had notified Homology Medicines that the clinical hold on its pheNIX gene therapy trial of HMI-102 in adults with phenylketonuria had been lifted.

PureTech Health fell after announcing disappointing results from a study into long Covid.

FTSE 250 - Risers

Crest Nicholson Holdings (CRST) 280.00p 9.80% Paragon Banking Group (PAG) 499.80p 6.34% Wizz Air Holdings (WIZZ) 2,190.00p 5.24% Discoverie Group (DSCV) 712.00p 4.40% OSB Group (OSB) 497.40p 3.97% Tullow Oil (TLW) 55.20p 3.86% Close Brothers Group (CBG) 1,050.00p 3.65% Beazley (BEZ) 489.40p 3.16% Bellway (BWY) 2,275.00p 2.99% CMC Markets (CMCX) 267.00p 2.89%

FTSE 250 - Fallers

Wood Group (John) (WG.) 196.10p -5.77% Spire Healthcare Group (SPI) 214.00p -5.73% Centamin (DI) (CEY) 77.42p -4.87% Oxford Biomedica (OXB) 432.50p -4.10% Polymetal International (POLY) 220.90p -3.96% Hill & Smith Holdings (HILS) 1,160.00p -3.49% Auction Technology Group (ATG) 868.00p -3.45% Games Workshop Group (GAW) 6,195.00p -3.43% PureTech Health (PRTC) 159.40p -3.39% Sirius Real Estate Ltd. (SRE) 103.20p -3.37%