MARKET REPORT:  FTSE 250 clocks up another record high

The FTSE 250 stole the spotlight from its more glamorous FTSE 100 sibling as it raced to a fresh all-time high.

The mid-cap index rose 148.64 points, or 0.6 per cent, to 24,250.83, taking its gains this year to 18 per cent. The benchmark has now soared 89 per cent  since last year’s Covid low.

The showing was bolstered by movie theatre chain Cineworld, which jumped 2.4 per cent, or 1.62p, to 67.92p. 

The FTSE 250 index rose 148.64 points, or 0.6 per cent, to 24,250.83, taking its gains this year to 18 per cent. The benchmark has now soared 89 per cent since last year’s Covid low

Online gambling firm 888 also boosted the index, spinning 3.5 per cent, or 14.4p, higher to 422p after reporting a record set of first-half results accompanied by a 41 per cent hike to its interim dividend.

And storage unit operator Big Yellow Group, was up 3 per cent, or 46p, to 1571p, after receiving an upgrade from analysts at Morgan Stanley.

Other stocks fuelling the mid-cap momentum included rail ticket website Trainline, which rose 4.5 per cent, or 16.4p, to 382.2p, review website Trustpilot, up 6.5 per cent, or 28p, at 460p, and door and window component maker Tyman, up 7.7 per cent, or 32p, to 447p.

Stock Watch – Instem 

Instem, a provider of IT services to the healthcare market, jumped 6 per cent, or 47.5p, to 837.5p after snapping up competitor PDS Pathology Data Systems in a deal worth around £11.4million.

The swoop allows it to strengthen its relationships with joint clients of the two, as around 70 per cent of PDS Pathology Data Systems’ top 20 clients are also Instem customers.

Chief executive Phil Reason said: ‘We have spoken on several occasions about a potential combination and are delighted they have agreed to join us, at a time when both our businesses and the life sciences market are thriving.’  

Weighing on the index, meanwhile, was retail stalwart WH Smith, which sank 3.8 per cent, or 62p, to 1570p after it warned that profits for its financial year will be at the lower end of expectations.

Other mid-cap fallers included iron ore miner Ferrexpo, which was down 0.6 per cent, or 2.2p, at 378.2p, and stock brokerage TP ICAP, which fell 0.1 per cent, or 0.25p, to 203p.

However, one firm bearing the brunt of the disruption was pub chain JD Wetherspoon, which said strains on its supply chain meant it had run out of some beers. Despite this, the shares were up 0.5 per cent, or 5p, at 1118p.

Meanwhile, the blue-chip FTSE 100 was up 0.4 per cent, or 30.14 points, at 7149.84, mostly shrugging off worries about rising prices and ongoing supply chain issues. 

Oil markets were also in focus with Brent crude down 2.94 per cent, to $70.89 a barrel, as members of the Opec+ oil cartel, which includes nations such as Saudi Arabia, Iran and Russia, met to set their policy towards production.

Earlier in the day, the price had risen, with Royal Dutch Shell up 0.5 per cent, or 7.4p, at 1423.6p while BP fell 0.9 per cent, or 2.7p, to 294.25p.

On AIM, fuel cell developer Ceres Power got a jolt of energy, rising 3 per cent, or 35p, to 1214p after saying its South Korean partner Doosan Corp plans a soft launch of a new fuel cell system next year. 

Alpha FX was up 2.2 per cent, or 40p, to 1830p after profit at the foreign currency exchange firm soared 225 per cent in its first half to £15.3million.

Small-cap digger Altus Strategies was a bright spot, rising 5.9 per cent, or 4.5p, to 81p after confirming what it said was a significant gold discovery in southern Mali.

Tech investor Forward Partners climbed 4.3 per cent, or 4.5p, to 110p after saying its portfolio value grew by £3.7million following the debut of one of its holdings, online car retailer Cazoo, on the New York Stock Exchange last week.

Fellow investment outfit BP Marsh also received a boost as it struck a deal to offload Australian luxury car insurance firm MB Prestige in a deal worth £9million. The stock rose 3.2 per cent, or 10p, at 321p.

On the downside, Galantas Gold may have been hoping for a better reception to its first day of trading on the New York-based OTCQX market. Its shares in London failed to find support from the news and dropped 2.8 per cent, or 1p, to 34.5p.

Chill Brands, a maker of products containing cannabidiol, a chemical found in cannabis plants used to treat certain illnesses and ailments, was anything but flying high as it tumbled 24.2 per cent, or 9.5p, to 29.75p in reaction to full-year results, released after Tuesday’s close of trading, that showed losses had widened to £5.9million from £1.8million last year.

Hotelier PPHE suffered similar results-based misery, sliding 4.9 per cent, or 74p, to 1446p after reporting that losses in its first half had widened by nearly 25 per cent.

This post first appeared on Dailymail.co.uk