FTSE 250 movers: Investment trusts benefit from rally in global equities

Investment trusts were performing well on Wednesday afternoon as global stock markets rose strongly in the aftermath of the US election, with Donald Trump's victory prompting investors to scale up their appetite for risk.

Source: Sharecast

"There was relief that there was a quick and undisputed election result, while the Trump victory was regarded as a big positive for US corporates due to his promises to slash taxes and tear up regulations," said David Morrison, senior market analyst at Trade Nation.

While European markets had trimmed earlier gains by the afternoon as investors considered how Trump's protectionist policies and proposed import tariffs might affect international trade, the general market reaction was positive. Futures on Wall Street surged, with the Dow rising more than 3% in pre-market dealings.

Investment trusts were benefitting from the rally in global equities, particularly those exposed to the US like JPMorgan American Investment Trust and Baillie Gifford US Growth Trust, along with others like HarbourVest Global Private Equity and Edinburgh Worldwide Investment Trust – with all four stocks among the top ten best performers on the FTSE 250.

Lancashire Holdings was another high riser after posting a 9% increase in premiums written over the first nine months of the year. The company also announced a special dividend worth $180m, sending shares in the insurer surging 8%.

Cruise ship operator Carnival also jumped as the price of oil dropped sharply, easing the fuel cost outlook. Brent crude was down 2.5% at $73.64 a barrel in afternoon trade, helping the price of fellow travel stock Wizz Air higher also.

Meanwhile, precious metal miners Hochschild, Endeavour and Centamin were among the worst performers as the price of gold tanked 2.9% on the back of a stronger dollar, falling to $2.670 an ounce – its lowest in nearly a month.

Lending and retail savings group OSB rose strongly after saying that there had been signs of "a gradual return of confidence" across its core markets since 1 July, while TBC Bank impressed with a 15.6% increase in third-quarter net profits.

FTSE 250 - Risers

Lancashire Holdings Limited (LRE) 679.00p 7.95%
JPMorgan American Inv Trust (JAM) 1,068.00p 5.95%
4Imprint Group (FOUR) 5,380.00p 5.70%
Carnival (CCL) 1,646.50p 5.65%
Baillie Gifford US Growth Trust (USA) 232.50p 5.44%
OSB Group (OSB) 364.40p 5.26%
HarbourVest Global Private Equity Limited A Shs (HVPE) 2,380.00p 5.08%
Bank of Georgia Group (BGEO) 4,585.00p 4.92%
TBC Bank Group (TBCG) 2,980.00p 4.75%
Edinburgh Worldwide Inv Trust (EWI) 163.40p 4.74%

FTSE 250 - Fallers

Hochschild Mining (HOC) 227.00p -3.81%
Ashmore Group (ASHM) 208.00p -3.61%
Harbour Energy (HBR) 265.40p -2.75%
Endeavour Mining (EDV) 1,640.00p -2.67%
Centamin (DI) (CEY) 149.20p -2.48%
Fidelity China Special Situations (FCSS) 214.00p -2.28%
Future (FUTR) 894.50p -1.97%
Just Group (JUST) 133.00p -1.92%
Tritax Big Box Reit (BBOX) 135.90p -1.88%
Safestore Holdings (SAFE) 784.00p -1.82%

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