FTSE 250 movers: Evraz lifted by Citi note; Nostrum gushes lower
London's FTSE 250 was up 0.3% to 19,151.12 in afternoon trade, with Brexit in focus after it emerged that Prime Minister Theresa May will trigger the UK's exit from the European Union next Wednesday.
Evraz was the standout gainer, boosted by an upgrade to a high-risk 'buy' from 'neutral' at Citigroup. The bank said it sees catalysts for the shares from Russian long steel and coking coal prices catching up with those elsewhere.
Noting the jump in China long steel prices on closure of furnaces and stronger than expected construction demand, which has moved Chinese rebar to a large premium to hot rolled coil steel (HRC), Citi said it believed the Russian discount to HRC should narrow as demand picks up for Russian long steel exports.
Supergroup was on the front foot after RBC Capital Markets reiterated its 'outperform' rating and 2,000p price target on the stock saying it sees potential for a more consistent trading performance to drive a re-rating of the shares.
"Superdry is showing strong online momentum and has a strong management team which is working to improve its product offer, inventory management and buying process. Valuation appears undemanding given that SuperGroup should drive double-digit top and bottom line growth."
Medical device group Vectura was trading higher ahead of its results on Tuesday for the nine months to the end of December.
On the downside, Nostrum Oil & Gas was weaker after a London High Court injunction blocked the company's executive chairman Frank Monstrey from dealing with his shares in the company, including voting and other rights.
Risers
Evraz (EVR) 231.80p 6.14%
Supergroup (SGP) 1,539.00p 4.13%
Vectura Group (VEC) 157.20p 2.41%
Ladbrokes Coral Group (LCL) 132.30p 2.24%
Electrocomponents (ECM) 487.40p 2.09%
Daejan Holdings (DJAN) 6,600.00p 2.01%
Unite Group (UTG) 644.00p 1.90%
SSP Group (SSPG) 415.20p 1.79%
Clarkson (CKN) 2,974.00p 1.74%
Fidessa Group (FDSA) 2,541.00p 1.64%
Fallers
Nostrum Oil & Gas (NOG) 446.00p -5.09%
IP Group (IPO) 161.50p -4.10%
JRP Group (JRP) 138.40p -3.28%
Hill & Smith Holdings (HILS) 1,311.00p -3.03%
Cranswick (CWK) 2,420.00p -2.81%
Allied Minds (ALM) 377.00p -2.68%
CMC Markets (CMCX) 133.50p -2.48%
Assura (AGR) 59.10p -2.48%
Tullow Oil (TLW) 197.50p -2.37%
Hastings Group Holdings (HSTG) 247.40p -2.33%