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FTSE 250 movers: Construction data boosts builders, Investec slips on Steinhoff risk

By Oliver Haill

Date: Friday 08 Dec 2017

FTSE 250 movers: Construction data boosts builders, Investec slips on Steinhoff risk

(ShareCast News) - London's mid-cap index finished the week on an high note with housebuilders leading the rally but Investec on the slide amid worries about its exposure to South Africa's embattled retail giant Steinhoff International.
House builders Bellway, Crest Nicholson, Countryside Properties were all higher after strong results from larger peer Berkeley and further positive news from the residential portion of the official construction data. While UK construction output registered another sharp drop in October after contracting in both the third and second quarters, the Office for National Statistics revealed that construction orders spiked a record 37.4% quarter-on-quarter, helped in part by a solid rise in orders for new housebuilding.

Great Portland Estates was likely to be being lifted by the Berkeley results, as both businesses are biased towards on the London property market.

Steel group Evraz was boosted by Chinese trade data. Commodity import volume growth accelerated to 6.1% in November from 0.9% for October.

On the downside, Stagecoach was on the rails after its shares hit a four month-high earlier in the week. Many analysts see the rail outlook as having improved after a recent government switcheroo over its East Coast Mainline franchise, and while a political brouhaha has erupted over the "bailout" given to the company, some such as JPMOrgan Cazenove perceived a "better risk profile".

Investec was down as the sharp losses in the Anglo-South African bank continued for another day amid reports that it is one of several bank exposed to Steinhoff, the retail giant listed in Frankfurt and Johannesburg, that has seen its shares plunge over 80% this week after CEO Markus Jooste resigned as the company revealed it was probing accounting irregularities. Banks and other creditors have almost €18bn of exposure to the Poundland owner as of the end of March.

Market Movers

FTSE 100 (UKX) 7,376.59 0.76%
FTSE 250 (MCX) 19,958.22 0.75%
techMARK (TASX) 3,437.58 0.81%

FTSE 250 - Risers

Dunelm Group (DNLM) 726.50p 5.60%
Hikma Pharmaceuticals (HIK) 1,000.00p 4.92%
Great Portland Estates (GPOR) 661.00p 4.27%
Bellway (BWY) 3,623.00p 4.23%
Evraz (EVR) 303.50p 4.22%
FDM Group (Holdings) (FDM) 914.50p 3.94%
TalkTalk Telecom Group (TALK) 153.30p 3.84%
Crest Nicholson Holdings (CRST) 525.50p 3.75%
Countryside Properties (CSP) 354.30p 3.75%
Safestore Holdings (SAFE) 476.70p 3.65%

FTSE 250 - Fallers

Stagecoach Group (SGC) 170.50p -5.27%
Investec (INVP) 464.00p -3.95%
Saga (SAGA) 136.05p -2.26%
Renishaw (RSW) 5,050.00p -1.94%
Hansteen Holdings (HSTN) 132.50p -1.71%
Lancashire Holdings Limited (LRE) 670.00p -1.69%
Provident Financial (PFG) 790.50p -1.36%
Renewi (RWI) 99.70p -1.32%
Brown (N.) Group (BWNG) 257.70p -1.26%
Halma (HLMA) 1,258.00p -1.18%


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