Premier Farnell and Greggs Dominate FTSE 250

The British government borrowed a record £12.36 billion in February according to the latest figures published by the Office for National Statistics (ONS) on Thursday. The figure was less than the £14.75 billion predicted by analysts, however and leaves the Chancellor on track to meet his target of £178 billion for public sector borrowing for the year to March.

Dominic Turner
shareprices.com - Thursday, March 18, 2010

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The news did little for the FTSE 100 index, although shortly after midday the leading share index was ahead by 10.82 points or 0.2% at 5,655.45 as pharmaceutical and energy stocks found favour. The majority of the action took place in the second tier FTSE 250, with electronics component distributor Premier Farnell and baker Greggs amongst the leading lights.

Premier Farnell's share price leapt 21p or 10.48% to 221.3p after the firm reported a return to year-on-year growth in the final quarter of last year. Sales increased by 6% and underlying profit by 3.3% in that period compared with the previous year, prompting London broker Seymour Pierce to raise its target price for the stock from 190p to 250p.

Greggs, the largest bakery in the UK with 1,400 retail outlets, reported an increase in full-year pre-tax profits for 2009, up to £48.8 million from £45.2 million in 2008 and ahead of market expectations. The firm also said that it intended to open somewhere between 50 and 60 new retail outlets in 2010. Greggs' share rose 23p or 5.26% to 460p during morning trading as a result.

 

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