FTSE 250 movers: Kaz Minerals boosted by upgrade; Future falls again
London’s FTSE 250 was up 0.4% at 21,251.95 in afternoon trade on Wednesday.
Kaz Minerals was on the front foot after an upgrade to ‘buy’ from ‘hold’ at Deutsche Bank, following a more than 20% drop in the share price since the outbreak of the coronavirus. The upgrade was put down to valuation, a positive copper outlook and potential project de-risking catalysts from the second half of this year.
"While the Baimskaya project is an impediment for some investors, we find the current valuation too compelling to ignore. The core Kazakh operations continue to perform well, are low cost and highly cash generative," it said.
Domino’s Pizza rallied as it said fourth-quarter system sales rose 3.7% but warned that it expects to report an operating loss of about £20m for its directly-operated international markets, which include countries such as Norway, Sweden and Switzerland.
Going the other way, shares of magazine publisher Future were under the cosh again. Last week, the shares tanked after London-based research firm and short-seller Shadowfall Research said it was short the stock, arguing that it’s overvalued.
On Monday, the company said in a trading update that it expected the full-year outcome to be "materially ahead" of the board’s expectations despite some uncertainty in the macroeconomic environment.
Travelex owner Finablr was also in the red.
FTSE 250 - Risers
Syncona Limited NPV (SYNC) 230.50p 5.25%
Kaz Minerals (KAZ) 497.70p 5.24%
Tullow Oil (TLW) 51.10p 4.61%
Domino's Pizza Group (DOM) 310.80p 4.58%
Ferrexpo (FXPO) 146.55p 4.27%
Victrex plc (VCT) 2,354.00p 3.88%
Kainos Group (KNOS) 858.00p 3.87%
Premier Oil (PMO) 104.95p 3.76%
RHI Magnesita N.V. (DI) (RHIM) 3,376.00p 3.62%
Avast (AVST) 460.20p 3.46%
FTSE 250 - Fallers
Future (FUTR) 1,190.00p -8.32%
Finablr (FIN) 74.35p -5.77%
Coats Group (COA) 73.00p -3.44%
Ultra Electronics Holdings (ULE) 2,176.00p -2.33%
Sanne Group (SNN) 593.00p -2.15%
Network International Holdings (NETW) 618.00p -2.06%
Jupiter Fund Management (JUP) 387.70p -2.02%
Restaurant Group (RTN) 123.50p -1.98%
John Laing Group (JLG) 344.40p -1.77%
OneSavings Bank (OSB) 428.60p -1.74%