FTSE 250 movers: Ithaca gushes; Inflation data hits cyclicals

(Sharecast News) - FTSE 250 (MCX) 21,787.80 -0.21% Shares in Ithaca Energy jumped on Wednesday as the North Sea oil and gas explorer upgraded full-year production guidance as profits and output doubled in the first six months of the year.

The company now sees production of 119,000-125,000 barrels of oil equivalent a day, compared with prior guidance of 109-119 kboe/d.

Adjusted EBITDAX came in at $1.1bn from $550m while pre-tax profit surged to $513m from $189.4. Shares in the firm rose 8% in early London trade.

It also cut net operating cost guidance to $790-840m from $780-860m, with the reductions outweighing foreign exchange headwinds.

Cyclical stocks were down as an unexpected inflation data spelled potentially bad news for mortgages and spending. House builder Crest Nicholson and building supplies specialist Marshalls were lower on the news.

Lion Finance and slumped after first-half results.

FTSE 250 - Risers

Ithaca Energy (ITH) 199.20p 11.78% W.A.G Payment Solutions (WPS) 88.40p 4.25% Dr. Martens (DOCS) 86.45p 2.37% Investec (INVP) 543.00p 2.36% Pennon Group (PNN) 482.60p 2.16% Workspace Group (WKP) 414.50p 1.97% Burberry Group (BRBY) 1,187.50p 1.50% Tate & Lyle (TATE) 545.50p 1.39% Savills (SVS) 944.00p 1.29% Abrdn (ABDN) 197.70p 1.18%

FTSE 250 - Fallers

Kier Group (KIE) 198.80p -4.19% Gamma Communications (GAMA) 1,058.00p -3.82% Trustpilot Group (TRST) 212.40p -3.37% Crest Nicholson Holdings (CRST) 171.30p -2.84% Polar Capital Technology Trust (PCT) 390.50p -2.74% Lion Finance Group (BGEO) 7,435.00p -2.68% Allianz Technology Trust (ATT) 446.50p -2.51% Marshalls (MSLH) 186.80p -2.40% Carnival (CCL) 1,997.00p -2.25% Watches of Switzerland Group (WOSG) 332.20p -2.18%