FTSE 250 movers: Drax surges; M&S falls after French closures
London’s FTSE 250 was up 0.9% at 23,637.80in afternoon trade on Thursday.
Drax was the standout gainer on the index amid surging power prices and as Barclays hiked its price target by 75% to 960p, implying 120% upside potential.
The bank, which rates Drax at ‘overweight’, said that since its last update in May 2020, there have been notable improvements to the Drax investment story but little change to the share price.
"We believe the current price is an attractive entry point," Barclays said.
Hilton Food was also in the black after it increased its interim dividend by 17% as the food packaging company reported a strong first half, driven by its Australian operation.
C&C was up after the Magners owner said it returned to profit ahead of plan in the first half after Covid-19 restrictions were lifted and football fans drank during the Euros soccer tournament.
Homewares retailer Dunelm was weaker as it traded without entitlement to the dividend, while Marks & Spencer fell after announcing the closure of 11 French stores, blaming Brexit.
FTSE 250 - Risers
Drax Group (DRX) 479.60p 9.35%
easyJet (EZJ) 605.60p 7.00%
Hilton Food Group (HFG) 1,156.00p 5.67%
Wizz Air Holdings (WIZZ) 4,905.00p 4.50%
Reach (RCH) 395.00p 3.95%
Oxford Biomedica (OXB) 1,536.00p 3.92%
C&C Group (CDI) (CCR) 234.20p 3.63%
IP Group (IPO) 141.40p 3.51%
Apax Global Alpha Limited (APAX) 224.00p 3.23%
Liontrust Asset Management (LIO) 2,455.00p 3.15%
FTSE 250 - Fallers
Dunelm Group (DNLM) 1,421.00p -5.77%
Ferrexpo (FXPO) 327.80p -5.42%
Restaurant Group (RTN) 102.80p -5.17%
Hochschild Mining (HOC) 145.20p -4.16%
Mitchells & Butlers (MAB) 249.60p -3.18%
Fidelity China Special Situations (FCSS) 325.00p -2.84%
Tullow Oil (TLW) 46.15p -2.70%
Marks & Spencer Group (MKS) 181.55p -2.47%
Cineworld Group (CINE) 61.18p -2.42%
Centamin (DI) (CEY) 90.86p -2.26%