FTSE 250 movers: Ultra Electronics jumps, Funding Circle stumbles

London’s FTSE 250 was up 0.25% at 18,893.12 in afternoon trade on Wednesday, as Ultra Electronics led the index higher.

The defence and aerospace contractor led the risers as it posted a 6.7% jump in first-half pre-tax profit, thanks in part to strong US defence spend.

Hill & Smith also racked up gains as the infrastructure products supplier said a strong performance in the UK and US helped to drive a rise in interim profits.

Co-work and workspace operator IWG rose after launching a share buyback programme, while Meggitt continued to rise the day after it delivered better than expected half-year topline growth on the back of "robust" growth in both civil original equipment and defence, and after guiding higher for full-year sales.

PageGroup climbed after it reported interim profit and revenue growth on the back of increased hiring from Europe, the Middle East and Africa.

Funding Circle led the fallers, while Sirius Minerals followed close behind as analysts at Berenberg downgraded the agrochemicals outfit from 'buy' to 'hold' a day after Sirius shares plunged when it pulled its $500m bond sale, which needs to be completed before the end of September for the company to access its $2.5bn revolving credit facility.

"As outlined in the financing package, there is no guarantee that alternative methods of financing can be secured, and as such the company could again run into cash flow issues. With the deadline for completion now drawing closer, the risk is now too high to argue that Sirius Minerals’ shares currently represent an attractive investment," said analysts.

Finally, Premier Oil, Wood Group and Hunting all spilled lower as the US Energy Information Administration has cut its Brent spot price forecast to $64 per barrel in the second half of the year as US-China trade war confusion continues to stoke fears about demand.

Market Movers

FTSE 250 (MCX) 18,893.12 0.25%

FTSE 250 - Risers

Ultra Electronics Holdings (ULE) 2,038.00p 9.81%
Hill & Smith Holdings (HILS) 1,139.00p 8.58%
IWG (IWG) 395.10p 6.78%
Rank Group (RNK) 160.20p 5.39%
Sports Direct International (SPD) 229.80p 4.36%
Meggitt (MGGT) 608.00p 3.37%
Pagegroup (PAGE) 454.20p 3.18%
Spirent Communications (SPT) 169.20p 2.67%
Centamin (DI) (CEY) 136.80p 2.55%
Pantheon International (PIN) 2,245.00p 2.51%

FTSE 250 - Fallers

Funding Circle Holdings (FCH) 97.05p -9.30%
Sirius Minerals (SXX) 9.60p -7.71%
Premier Oil (PMO) 68.96p -3.88%
Amigo Holdings (AMGO) 140.40p -3.84%
Ferrexpo (FXPO) 222.26p -3.70%
Wood Group (John) (WG.) 458.80p -3.49%
Edinburgh Inv Trust (EDIN) 544.00p -3.37%
Senior (SNR) 193.80p -3.10%
Hunting (HTG) 429.00p -2.85%
Aston Martin Lagonda Global Holdings (AML) 454.50p -2.78%