FTSE 250 movers: TI Fluid lifted by JPM note; Petrofac hit by downgrade
London's FTSE 250 was up 0.9% to 20,882.67 in afternoon trade on Tuesday as traders returned from the bank holiday weekend to news that the US and Mexico have reached a preliminary trade deal.
TI Fluid Systems was a top gainer after JPMorgan Cazenove upped the stock to 'overweight' from 'neutral' and lifted the price target to 370p from 300p. JPM said the auto sector is likely to continue to outperform into 2019 as car makers rush to meet emissions targets in Europe, assuming China remains at a healthy level.
On the downside, Computacenter was the biggest loser after rising at the end of last on the back of solid first-half results, which saw revenues exceed £2bn.
Computacenter said on Friday that first-half pre-tax profit jumped 24.3% to £52.1m as revenue increased 18.1% to just over £2bn, marking the first time this milestone has been reached in the first half.
Petrofac retreated following a downgrade to 'hold' from 'buy' by Kepler Cheuvreux on valuation grounds ahead of the company's first-half results on Wednesday, as it noted the stock has reached its 660p price target.
FTSE 250 - Risers
Kaz Minerals (KAZ) 489.40p 6.86%
Investec (INVP) 531.60p 5.60%
Ferrexpo (FXPO) 166.30p 4.89%
Rank Group (RNK) 175.00p 4.79%
Softcat (SCT) 876.00p 4.41%
Charter Court Financial Services Group (CCFS) 365.00p 4.05%
TI Fluid Systems (TIFS) 279.40p 3.64%
Redrow (RDW) 555.50p 3.45%
Dunelm Group (DNLM) 534.77p 3.44%
Travis Perkins (TPK) 1,159.50p 3.43%
FTSE 250 - Fallers
Computacenter (CCC) 1,448.00p -3.21%
Euromoney Institutional Investor (ERM) 1,334.00p -2.34%
Greene King (GNK) 476.30p -2.24%
TalkTalk Telecom Group (TALK) 127.05p -1.66%
Playtech (PTEC) 508.40p -1.63%
Petrofac Ltd. (PFC) 648.60p -1.43%
OneSavings Bank (OSB) 419.00p -1.41%
Premier Oil (PMO) 122.80p -1.29%
Intermediate Capital Group (ICP) 1,020.00p -1.26%
FDM Group (Holdings) (FDM) 913.40p -1.25%