FTSE 250 movers: Evraz lifted by Citi note; Nostrum gushes lower

Michele Maatouk Sharecast | 20 Mar, 2017 15:49 | | |

Evraz, steel manufacturing

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%

More news

19:02 UK to invest £246m in research and development into energy storage

On Monday, redT energy reported a £246m investment from the Department of Business, Energy and Industrial Strategy (BEIS) to aid in energy storage in the UK.

18:16 FTSE 250 movers: Miners Acacia and Petra dig midcaps deeper

The FTSE 250 fell on Monday, though not as much as its larger sibling, with two miners leading the retreat.

17:55 London close: FTSE ends in the red as airlines hit by Ryanair Brexit warning

London stocks ended in the red on Monday, with airlines under the cosh as Ryanair warned over the potential fallout from Brexit.

17:39 Europe close: Stocks end mostly lower as autos skid

European stocks ended mostly lower on Monday, with autos under the cosh as investors digested the latest data on the eurozone manufacturing and services sectors.

17:03 Tuesday preview: Provident Financial in focus, though Victrex could surprise

Tuesday will see the number of companies reporting step up before the throttle is turned right up later in the week, with Croda International, Informa and Segro joined by sub-prime lender Provident Financial following its recent profit warning.

17:49 Acacia Mining hit with USD190bn tax bill from Tanzanian government

Acacia Mining has been sent a tax bill from the Tanzanian authorities totalling around $190bn for unpaid tax and penalties from its Bulyanhulu and Buzwagi mines in the country, which the London-listed company disputes.

15:55 Tesco to launch same day grocery delivery service across UK

Tesco announced on Monday that it will be launching its same day online grocery delivery service across the entire UK from next month.

15:43 US open: Stocks mostly lower as investors eye Alphabet earnings

US stocks were trading mostly lower on Monday as investors awaited corporate news from the likes of Alphabet ahead of what promises to be a busy week on the earnings front.

15:36 FTSE 100 movers: Burberry in fashion as Frere lifts stake; easyjet descends

Burberry shares spiked on Monday afternoon after billionaire Albert Frere lifted his stake in the high-end fashion retailer to 4% from 3%.

15:23 US existing home sales drop more than expected in June

Sales of US existing homes fell more than expected in June, according to data from the National Association of Realtors.