FTSE 250 movers: Redrow lifted by upgrade, Pace slides

2nd May 2014 15:24

Redrow climbed strongly after Citigroup upgraded the stock from 'neutral' to 'buy', and increased its target price from 340p to 350p. London-focused property group Capital & Counties (Capco), which owns assets in Covent Garden and is currently working on the 'urban re-imagination' of Earls Court, was also higher after it said it made a positive start to the year. Rentokil Initial, the pest control, hygiene and work-wear company, also impressed the market today after reporting strong growth in profits in the first quarter despite a weaker top line. The company said that pre-tax profit rose to £19.3m, up 21.7% at constant exchange rates on the year before.Pace, the set-top box maker, was in the red after it was reported AT&T has approached DirecTV regarding a potential acquisition of the satellite television firm. Pace is a supplier to both companies. Online clothing retailer N Brown continued to fall after it yesterday delivered full-year results below market market consensus, with profit coming in at £100.1m compared to expectations of £102.5m. Workspace Group, the London-based provider of office space, was also lower. It this morning announced that it has purchased Vestry Street Studios in North London, a traditional Shoreditch warehouse covering 23,000 square foot.FTSE 250 - RisersRedrow (RDW) 306.60p +5.22%Kazakhmys (KAZ) 246.20p +4.28%Capital & Counties Properties (CAPC) 348.80p +4.00%Lonmin (LMI) 289.90p +3.80%Serco Group (SRP) 352.80p +3.76%Evraz (EVR) 101.20p +3.27%Bellway (BWY) 1,488.00p +3.26%Howden Joinery Group (HWDN) 339.20p +3.23%Rentokil Initial (RTO) 122.50p +3.20%Berkeley Group Holdings (The) (BKG) 2,415.00p +3.03%FTSE 250 - FallersPace (PIC) 333.50p -8.03%Brown (N.) Group (BWNG) 461.00p -5.28%Telecity Group (TCY) 700.50p -3.18%ITE Group (ITE) 222.50p -2.97%Petra Diamonds Ltd.(DI) (PDL) 158.70p -2.88%AL Noor Hospitals Group (ANH) 1,002.00p -2.53%Playtech (PTEC) 640.00p -2.44%Phoenix Group Holdings (DI) (PHNX) 675.00p -2.39%Greencore Group (GNC) 260.50p -1.96%Homeserve (HSV) 333.40p -1.94%NR