FTSE 250 movers: Index Punches higher

17th Dec 2010 15:28

Pub owner Punch Taverns surges higher to lead the index despite a mixed statement Friday.Shares advanced 12% after reporting a continued improvement in sales, even though the weather affected trading by 1% recently. In the managed business drinks sales grew 1.7% and food sales increased by 2.6%. The tenanted division was a different story. Underlying profits at its 5,000 strong tenanted pubs fell by 8.7% on a like-for-like basis in the period. Core estate like for like earnings fell by 7.3%, with the non-core estate like for like earnings down by 21.8%. Average earnings per pub declined by 1.7%.However, brokers Panmure Gordon and Peel Hunt both kept their 'buys' on the stock, expressing the group's consistent cash position.Exhibitions group ITE also saw shares rise after snapping up Moscow-based International Exhibition Company CJSC (MVK) for €33m cash. MVK is a significant Moscow exhibition business which owns twenty trade exhibitions with annual volume sales of more than 55,000m2 per annum. MVK made gross profit before tax of 87m roubles for the 2009 calendar year.FTSE 250 - RisersPunch Taverns (PUB) 74.50p +11.78%Melrose Resources (MRS) 236.50p +8.49%ITE Group (ITE) 234.70p +7.51%CPP Group (CPP) 300.00p +6.23%F&C Asset Management (FCAM) 78.75p +5.85%National Express Group (NEX) 240.30p +5.77%Avis Europe (AVE) 222.00p +5.36%JD Wetherspoon (JDW) 450.50p +5.18%Rightmove (RMV) 783.00p +4.12%SDL (SDL) 656.50p +4.04%FTSE 250 - FallersGrainger (GRI) 100.20p -3.65%Dixons Retail (DXNS) 24.58p -3.57%Supergroup (SGP) 1,374.00p -2.90%Premier Foods (PFD) 18.34p -2.76%Yule Catto & Co (YULC) 306.70p -2.63%Unite Group (UTG) 193.00p -2.53%Greggs (GRG) 451.20p -2.44%Cable & Wireless Communications (CWC) 50.75p -2.40%St. Modwen Properties (SMP) 162.30p -2.23%Moneysupermarket.com Group (MONY) 78.00p -1.95%