The FTSE 250 was up 0.2% to 21,218 and the AIM was up 0.2% to 1,044.5 on Friday as a number of positive company updates helping lift London’s small and mid cap indices.
Rebounding retailers such as Currys also helped lift the indices after recent downside in the sector.
The price of oil hit $104 per barrel for Brent Crude after US President Joe Biden announced the released of one million barrels per day from the country’s Strategic Petroleum Reserve, in a bid to knock down the spiking oil price due to Russia’s war in Ukraine.
Energy prices are set to impact households with a 54% rise in the energy price cap announced by Ofgem today. The cap increase is estimated to add £700 per year to the average household energy bill.
FTSE 250 Risers
888 Holdings shares rose 5.2% to 194.1p as the company enjoyed the boost from its announced strategic investment to launch the group’s new 888Africa venture across select regions in the continent.
Moonpig shares were up 4% to 233.1p in anticipation of the company’s trading announcement next week, which is projected to report an optimistic £283 million in revenue by analysts.
“The group reported a strong set of half year results, and upgraded revenue targets.”
“However, things are still slowing quite dramatically,” said Hargreaves Lansdown equity analyst Sophie Lund-Yates.
“Next week it will be important to see that Moonpig is on track to reach the £283m in full year revenue that analysts are expecting, although this might be a tall order.”
Ferrexpo shares increased 4.1% to 194.3p in anticipation of its trading update next week, however disruption to the firm’s operations in Ukraine have thrown a spanner in the work for its results.
“We will look to publish our accounts as soon as the situation in Ukraine permits us to do so,” said Ferrexpo CEO Jim North.
FTSE 250 Fallers:
Provident Financial fell 5.1% to 290.9p following the dissipating excitement of its 2021 results, which reported a £173.9 million pre-tax profit increase from £39.5 million in 2020.
Oxford BioMedica shares decreased 4.7% to 642p.
Ascential shares dipped 2.6% to 337.4.
AIM Risers:
Quiz shares were up 44.8% to 15.5p after its trading update reported predictions of a £500,000 profit after devastating losses last year, alongside a projected £78 million company revenue.
Sovereign Metals share rose after the company said it had halted shares trading on the ASS depending an announcement.
Simec Atlantis Energy rose 23.2% to 1.9p following a £2.5 million loan for its MeyGen tidal stream project from Scottish Enterprise.
Borders and Southern Petroleum shares increased 17.1% to 1.7p, despite the falling oil prices.
AIM Fallers:
Sustainable work-from-anywhere digital ecosystem company Actual Experience shares fell 14% to 11.4p as the company continued suffer as economies reopened.
Musicmagpie shares decreased 19% to 42.5p as the second-hand electronics company continued its downward spiral from its disappointing financial results in 2021.
4D Pharma shares were down 16.3% to 39.5p after the company reported a £57.5 million pre-tax loss against a £30.3 million loss in 2020.
