FTSE 250 movers: Hormuz reopening sees cyclicals surge, slump

(Sharecast News) - FTSE 250 (MCX) 23,186.41 1.79%

Iran's declaration that the Strait of Hormuz is now "completely open" to commercial ships saw sharp movements in cyclical stocks sensitive to geopolitical movements.

The country's foreign minister, Abbas Araghchi, said in a social media post: "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire."

However, he said vessels must transit through a "coordinated route" announced by Iran's maritime authorities.

Wizz Air, easyJet and Carnival all surged on the news while Diversified Energy, Harbour Energy and Ithaca all slumped in line with a 10% fall in crude oil prices.

Shares in energy supplier Drax fell after the government said it could cut the link between electricity and gas prices.

Finance Minister Rachel Reeves said she and Energy Secretary Ed Miliband were examining ways to decouple the duo to stabilise prices as electricity becomes a larger part of the energy mix. More than 52% of Britain's electricity now comes from renewables with this number set to grow.

Shares in Workspace Group slumped as the office provider said it expected a "substantial step down" in annual trading profit due to inflation, falling rents, higher interest costs and more investment in the business.

FTSE 250 - Risers

Wizz Air Holdings (WIZZ) 1,057.00p 9.62% Vistry Group (VTY) 372.60p 8.13% easyJet (EZJ) 401.40p 7.91% Carnival (CCL) 2,195.00p 7.87% Aston Martin Lagonda Global Holdings (AML) 47.06p 6.10% Discoverie Group (DSCV) 660.00p 6.10% Bellway (BWY) 2,084.00p 5.52% RHI Magnesita N.V. (DI) (RHIM) 2,790.00p 5.46% Close Brothers Group (CBG) 492.20p 5.31% Safestore Holdings (SAFE) 723.50p 4.93%

FTSE 250 - Fallers

Diversified Energy Company (DI) (DEC) 1,094.00p -7.00% Workspace Group (WKP) 349.60p -6.48% AEP Plantations (AEP) 1,734.00p -6.27% Ceres Power Holdings (CWR) 395.00p -6.24% Harbour Energy (HBR) 258.80p -5.33% Bluefield Solar Income Fund Limited (BSIF) 80.10p -5.29% Ithaca Energy (ITH) 235.80p -4.84% Greencoat UK Wind (UKW) 98.46p -4.75% Drax Group (DRX) 830.00p -3.86% Energean (ENOG) 812.00p -2.36%