FTSE 250 movers: Tyman surges on upgrade; WH Smith tumbles
London’s FTSE 250 was up 0.6% at 24,245.55 in afternoon trade on Wednesday.
Tyman was the top performer after Berenberg upgraded its stance on shares of the building products manufacturer to ‘buy’ from ‘hold’ and hiked the price target to 500p from 375p, citing an attractive entry point.
The bank noted that after a strong run over the past year, Tyman shares have pulled back 20% in recent months.
"We think the shares will outperform as management is focused on organic growth and margin expansion, the business is highly cash-generative with low leverage and potential for non-dilutive M&A, and it is supported by favourable macro tailwinds," it said.
Going the other way, WH Smith tumbled after it lifted full-year guidance but warned that 2022 profits were expected to be at the lower end of expectations as the travel sector’s path of recovery from the Covid pandemic remained uncertain.
The newsagent, which operates across airports, train stations and the high street, said group sales in the eight weeks to August 28 were 78% of 2019 levels before the pandemic struck. Total second half sales were at 65% of those from two years ago.
FTSE 250 - Risers
Tyman (TYMN) 448.00p 7.95%
Just Eat Takeaway.Com N.V. (CDI) (JET) 7,071.00p 7.81%
IP Group (IPO) 135.00p 6.30%
Trustpilot Group (TRST) 455.00p 5.32%
Petropavlovsk (POG) 22.02p 4.86%
Cineworld Group (CINE) 69.34p 4.59%
888 Holdings (888) 425.20p 4.32%
Trainline (TRN) 381.00p 4.16%
Ninety One (N91) 265.20p 3.51%
Euromoney Institutional Investor (ERM) 1,066.00p 3.29%
FTSE 250 - Fallers
WH Smith (SMWH) 1,544.50p -5.36%
Civitas Social Housing (CSH) 103.60p -1.89%
Investec (INVP) 301.10p -1.57%
Ibstock (IBST) 235.60p -1.51%
Auction Technology Group (ATG) 1,598.00p -1.48%
Plus500 Ltd (DI) (PLUS) 1,473.50p -1.41%
Ashmore Group (ASHM) 393.80p -1.35%
Reach (RCH) 404.00p -1.34%
Chemring Group (CHG) 328.50p -1.20%
Ferrexpo (FXPO) 376.20p -1.10%