FTSE 250 movers: Homebuilders knocked lower after Election amid stretched valuations
Commodity stocks did best on the second-tier index as traders pushed base metals higher on the back of the latest Chinese foreign trade and commodity import volume data released the day before, which had beat forecasts.
That lifted shares in the likes of Vedanta and Ferrexpo.
Yet the top riser on the FTSE 250 was Kaz Minerals, who on top of the above received a positive endorsement out of analysts at Credit Suisse.
Analysts at the Swiss broker said investors should not be concerned by possible funding risks at the copper outfit, even under bearish price scenarios.
Going the other way, housebuilders fared worst in the wake of the election result.
Crest Nicholson saw the largest share price drop, likely because prior to Friday it was the second best performer in its sector year-to-date.
"Valuation across the sector was becoming somewhat stretched, and we expect the shares to be weak on increased uncertainty. We would not expect valuations to re-test post referendum lows as the resilience of the industry proved more resilient than expected, which will not have been forgotten. Estimates are likely to fall, but largely as sales rates fall," analysts at Liberum explained to clients.
FTSE 250 - Risers
Kaz Minerals (KAZ) 532.50p 6.56%
Ferrexpo (FXPO) 195.10p 5.46%
Evraz (EVR) 203.80p 3.72%
Vedanta Resources (VED) 603.00p 3.61%
Ashmore Group (ASHM) 359.70p 3.01%
Vesuvius (VSVS) 570.00p 2.89%
IMI (IMI) 1,250.00p 2.80%
Centamin (DI) (CEY) 176.90p 2.67%
JPMorgan American Inv Trust (JAM) 391.00p 2.33%
Ted Baker (TED) 2,414.00p 2.29%
FTSE 250 - Fallers
Crest Nicholson Holdings (CRST) 579.00p -5.16%
Virgin Money Holdings (UK) (VM.) 279.70p -4.31%
ZPG Plc (ZPG) 349.90p -4.29%
Berkeley Group Holdings (The) (BKG) 3,093.00p -3.55%
Wetherspoon (J.D.) (JDW) 969.00p -3.10%
AA (AA.) 223.70p -3.08%
Travis Perkins (TPK) 1,557.00p -2.99%
Euromoney Institutional Investor (ERM) 1,140.00p -2.98%
OneSavings Bank (OSB) 408.00p -2.88%
Sanne Group (SNN) 645.00p -2.79%