FTSE 250 movers: Cineworld boosted by broker note; Equiniti falls

London’s FTSE 250 was up 0.5% at 17,663.39 in afternoon trade on Monday.

Cineworld was a high riser after Peel Hunt said it presents "an attractive buying opportunity" for investors with appetite for material risk.

The broker, which rates Cineworld at ‘buy’ with a 180p price target, reiterated its view that cinema demand should bounce back once major films are released. "This starts this week with Tenet in the UK and internationally, and next week in the US," it said.

Peel Hunt noted that the Cineworld share price has fallen further than any other in its sector coverage, but said it should “bounce hard” once investors are reassured over demand.

Elsewhere, Pets at Home was on the rise as Liberum upped its price target on the shares to 330p from 275p.

The broker said Pets’ impressive turnaround strategy was driving very strong momentum prior to Covid-19, and it looks set to support a rapid recovery post the lockdown.

"Very strong Q1 exit growth rates mean that we upgrade our FY21E adjusted pre-tax profit by 16.5% and give us increasing confidence that our prudent FY22E/22E forecasts may well prove too cautious," it said.

"The group’s strategic initiatives continue to evolve its offer across the UK pet care space, making it even more relevant to customers and growing its leading market shares."

On the downside, Equiniti fell after Goldman Sachs cut its price target on the stock to 195p from 225p.

FTSE 250 - Risers

Oxford Instruments (OXIG) 1,564.00p 6.11%
Avon Rubber (AVON) 3,790.00p 5.57%
Cineworld Group (CINE) 53.58p 4.77%
Network International Holdings (NETW) 406.60p 4.74%
Pets at Home Group (PETS) 292.60p 3.76%
Biffa (BIFF) 205.50p 3.27%
Capita (CPI) 31.25p 3.17%
Ferrexpo (FXPO) 191.90p 2.90%
FDM Group (Holdings) (FDM) 1,028.00p 2.80%
Wood Group (John) (WG.) 225.60p 2.69%

FTSE 250 - Fallers

Workspace Group (WKP) 562.50p -4.34%
Shaftesbury (SHB) 502.00p -4.29%
Calisen (CLSN) 170.75p -4.15%
Bank of Georgia Group (BGEO) 891.00p -3.78%
John Laing Group (JLG) 284.20p -3.14%
CLS Holdings (CLI) 191.80p -3.13%
Equiniti Group (EQN) 109.40p -2.84%
Mitchells & Butlers (MAB) 164.20p -2.73%
FirstGroup (FGP) 39.00p -2.65%
Royal Mail (RMG) 184.65p -2.25%