FTSE 250 movers: Britvic loses its fizz; XP Power gains

London’s FTSE 250 was down 0.4% at 22,451.67 in afternoon trade on Monday.

Britvic shares lost their fizz after RBC Capital Markets downgraded the drinks maker to ‘sector perform’ from ‘outperform’ and slashed the price target to 870p from 1,060p, citing mounting headwinds. RBC said Britvic’s operating environment has significantly deteriorated.

"It's not alone in that fact but, unlike the rest of our coverage, we believe it's in a category with limited brand power and its concentrated UK footprint makes supply-chain disruption more impactful."

The bank said it was reducing its FY22E margin forecasts and now lies 200 basis points below consensus.

"In addition, its valuation no longer looks attractive on an absolute or relative basis," it said.

Going the other way, Ferrexpo was sitting pretty at the top of the index as iron ore prices rose.

XP Power also traded up after it said the "strong" momentum in order intake seen in its first half accelerated in the third quarter, with orders up 87% at constant currency, and 73% as reported, to £97.2m

FTSE 250 - Risers

Ferrexpo (FXPO) 326.40p 5.29%
BlackRock World Mining Trust (BRWM) 555.00p 3.74%
Endeavour Mining (EDV) 1,810.00p 2.55%
National Express Group (NEX) 237.60p 2.24%
Fidelity China Special Situations (FCSS) 326.00p 1.87%
XP Power Ltd. (DI) (XPP) 5,090.00p 1.80%
Games Workshop Group (GAW) 9,815.00p 1.71%
Vietnam Enterprise Investments (DI) (VEIL) 730.00p 1.67%
Indivior (INDV) 219.60p 1.67%
JPMorgan Japanese Inv Trust (JFJ) 656.00p 1.55%

FTSE 250 - Fallers

Britvic (BVIC) 839.00p -7.09%
Drax Group (DRX) 474.80p -6.90%
Trainline (TRN) 316.80p -6.38%
TUI AG Reg Shs (DI) (TUI) 275.60p -6.03%
Darktrace (DARK) 822.50p -5.68%
Bridgepoint Group (Reg S) (BPT) 473.00p -4.54%
Draper Esprit (GROW) 892.00p -4.29%
Playtech (PTEC) 420.40p -3.62%
Trustpilot Group (TRST) 338.60p -3.53%
Pagegroup (PAGE) 657.00p -3.31%