FTSE 250 movers: Petrofac gushes higher, Greggs rallies after update

London’s FTSE 250 was up 1.1% at 20,934.22 in afternoon trade on Wednesday.

Oilfield services provider Petrofac was sitting pretty at the top of the index after oil prices hit an 11-month high.

High Street bakery chain Greggs was sharply higher after it said its sales decline had slowed but warned that profits would not return to pre-Covid levels until 2022 at the earliest as it forecast a £15m loss this year and revealed 820 job losses.

CMC Markets analyst David Madden said: "Despite the downbeat outlook, Greggs plans to open around 100 stores in the year ahead, and that says a lot about their longer term view."

Elsewhere, Marks & Spencer gained following reports it is close to buying Jaeger, the loss-making fashion brand hit by the Covid-19 crisis.

FTSE 250 - Risers

Petrofac Ltd. (PFC) 163.30p 9.63%
Greggs (GRG) 1,943.00p 9.16%
easyJet (EZJ) 806.60p 7.00%
Centrica (CNA) 51.06p 6.84%
Virgin Money UK (VMUK) 140.55p 6.72%
Ferrexpo (FXPO) 332.60p 6.53%
IP Group (IPO) 110.60p 6.14%
Babcock International Group (BAB) 282.30p 5.85%
Marks & Spencer Group (MKS) 140.50p 5.16%
Wood Group (John) (WG.) 355.30p 4.87%

FTSE 250 - Fallers

PureTech Health (PRTC) 390.00p -4.65%
Kainos Group (KNOS) 1,166.00p -3.00%
Apax Global Alpha Limited (APAX) 190.00p -2.56%
Future (FUTR) 1,776.00p -2.52%
Coats Group (COA) 67.50p -2.17%
Pets at Home Group (PETS) 432.60p -2.13%
FDM Group (Holdings) (FDM) 1,122.00p -2.09%
Liontrust Asset Management (LIO) 1,335.00p -1.84%
Greencore Group (GNC) 112.30p -1.84%
UDG Healthcare Public Limited Company (UDG) 808.00p -1.64%