FTSE 250 movers: Pennon tanks; Ocado, Avon surge

7th Oct 2026 14:06

(Sharecast News) - FTSE 250 (MCX) 24,086.31 -0.53%

Shares in Pennon tumbled on Wednesday after the water utility unveiled a rights issue and cut its dividend as part of a major operational reset and increased investment programme.

The water utility company said it planned to raise around £550m through a fully underwritten 7-for-15 rights issue, with 220.3m new shares priced at 250p each. The issue price represents a 35.5% discount to the theoretical ex-rights price based on Tuesday's closing price.

Ocado surged after a report that Australia's Coles is exploring the use of robots in its supermarkets to pick and pack grocery orders and is in early stage talks with the London-listed company about trialling the technology in one of its Melbourne stores.

According to the Australian Financial Review newspaper, which cited sources familiar with the plans, no commercial agreement has been reached.

Ocado's technology allows robots to pick and pack online grocery orders inside a dedicated section of the supermarket that is closed to the public. For Coles, the model could provide a faster way to fulfil express delivery orders while avoiding the cost of building another large-scale automated warehouse, the AFR said.

Respiratory protection equipment manufacturer Avon Technologies set out the next phase of its strategy on Wednesday as it posted a stronger‑than‑expected trading update for FY26, highlighting improving momentum across both Avon Protection and Team Wendy.

Avon Technologies said its refreshed plan aims to drive further operational gains, support investment in growth and build a broader protection‑technology platform over time. Avon has targeted annual revenue growth above 5%, adjusted operating margins of 16% to 18% and earnings per share growth of more than 10%, with improved inventory turns expected to help deliver over $175m of free cash flow across the next three years.

Five‑year goals include revenue above $600m and continued EPS accretion while maintaining a more than 18% on return on invested capital.

FTSE 250 - Risers

Avon Technologies (AVON) 2,210.00p 15.83%

Ocado Group (OCDO) 275.80p 5.11%

B&M European Value Retail (BME) 257.60p 4.63%

Baltic Classifieds Group (BCG) 2.11p 4.46%

Bridgepoint Group (Reg S) (BPT) 361.00p 4.27%

Genus (GNS) 2,184.00p 3.31%

Frasers Group (FRAS) 847.00p 3.29%

Dr. Martens (DOCS) 68.30p 3.17%

BH Macro Ltd. GBP Shares (BHMG) 423.00p 2.55%

Bloomsbury Publishing (BMY) 650.00p 2.52%

FTSE 250 - Fallers

Pennon Group (PNN) 364.40p -19.21%

Oxford Nanopore Technologies (ONT) 217.00p -5.98%

IP Group (IPO) 68.50p -4.72%

Inchcape (INCH) 653.00p -4.66%

Ceres Power Holdings (CWR) 389.20p -4.16%

Renishaw (RSW) 5,745.00p -4.09%

Raspberry PI Holdings (RPI) 647.00p -3.97%

Hill and Smith (HILS) 3,125.00p -3.84%

CMC Markets (CMCX) 653.00p -3.83%

Pan African Resources (PAF) 114.50p -3.70%