FTSE 250 movers: Travel stocks retreat; Discoverie gains

London’s FTSE 250 was down 0.1% at 23,772.62 in afternoon trade on Friday.

Travel stocks were in the red, with Tui and budget airline Wizz Air both lower. Easyjet announced on Thursday that it had rejected a takeover approach, with reports suggesting it was Wizz that had made the approach.

Ashmore was trading down after Berenberg cut its price target to 330p from 340p.

"Our sell rating on Ashmore is predicated on our view that weak investment performance will constrain flows over the next few quarters," it said. "We expect FY 2022 consensus net flows to fall 5ppt, driving further underperformance. This revenue risk is compounded by recent margin disappointment, which alone should drive 3-4% EPS downgrades."

Discoverie was the top performer on the index, having suffered heavy losses at the end of last week after it raised £55m in a placing to help fund two acquisitions.

Dunelm was also on the rise after saying earlier in the week that 2022 full-year profits would be "modestly" ahead of expectations as it posted a strong rise in 2021 earnings, driven by online sales during the Covid pandemic, and announced a special dividend.

FTSE 250 - Risers

Discoverie Group (DSCV) 1,260.00p 3.11%
Diploma (DPLM) 3,152.00p 2.94%
Dunelm Group (DNLM) 1,518.00p 2.71%
Diversified Energy Company (DEC) 113.00p 2.54%
Marks & Spencer Group (MKS) 189.15p 2.49%
FDM Group (Holdings) (FDM) 1,358.00p 2.26%
Ferrexpo (FXPO) 385.40p 2.12%
JPMorgan Japanese Inv Trust (JFJ) 717.00p 1.99%
Baillie Gifford Shin Nippon (BGS) 266.00p 1.92%
Renishaw (RSW) 5,465.00p 1.86%

FTSE 250 - Fallers

IP Group (IPO) 148.00p -4.64%
TP Icap Group (TCAP) 160.40p -4.52%
TUI AG Reg Shs (DI) (TUI) 290.10p -3.69%
Auction Technology Group (ATG) 1,440.00p -2.70%
Hammerson (HMSO) 32.82p -2.21%
National Express Group (NEX) 233.20p -2.10%
C&C Group (CDI) (CCR) 241.80p -2.03%
Wizz Air Holdings (WIZZ) 4,821.00p -1.87%
Ashmore Group (ASHM) 362.00p -1.84%
Micro Focus International (MCRO) 392.40p -1.78%