FTSE 250 movers: Just Group jumps; Kainos tanks

London’s FTSE 250 was down 0.1% at 17,842.92 in afternoon trade on Monday.

Just Group gained as JPMorgan Cazenove reiterated its ‘overweight’ rating on the shares. It said the company was "set to generate the strongest earnings growth in the sub-sector, but is also moving into a position of surplus capital with upside surprise potential on dividends".

British Land rallied as it reported a decline in half-year net asset value but said rental value growth was set to be at the top end of its previously guided ranges for FY24.

Kainos tanked after it posted a jump in first-half profit and revenue as it hailed continued strong growth across its key business areas, but bookings and healthcare revenues fell.

FMD Group tumbled as it warned that its 2024 performance will be impacted by a lower-than-expected number of consultants assigned to clients at the beginning of the year.

Dr Martens was on the back foot after Barclays downgraded shares of the iconic bootmaker to ‘equalweight’ from ‘overweight’ and cut the price target to 140p from 174p.

The bank said that having stuck to its ‘overweight’ rating through several profit warnings, it is now downgrading due to weak Google trends/Similarweb data and a big second-half weighting, given macro risk.

It also pointed to increased capital intensity via store growth, pressuring EBIT margin/return on capital employed, and greater conviction elsewhere in its coverage, given the wider de-rating of consumer stocks.

FTSE 250 - Risers

PureTech Health (PRTC) 172.60p 4.40%
Just Group (JUST) 82.90p 3.50%
Wizz Air Holdings (WIZZ) 1,700.50p 3.41%
easyJet (EZJ) 404.50p 3.35%
W.A.G Payment Solutions (WPS) 94.80p 3.04%
British Land Company (BLND) 323.70p 3.03%
Mitchells & Butlers (MAB) 231.20p 2.76%
Caledonia Investments (CLDN) 3,440.00p 2.55%
Direct Line Insurance Group (DLG) 174.85p 2.28%
Domino's Pizza Group (DOM) 350.40p 2.27%

FTSE 250 - Fallers

Kainos Group (KNOS) 927.50p -25.20%
FDM Group (Holdings) (FDM) 388.00p -16.60%
Dr. Martens (DOCS) 109.90p -8.33%
CAB Payments Holdings (CABP) 60.40p -6.28%
Ceres Power Holdings (CWR) 189.40p -4.73%
4Imprint Group (FOUR) 4,250.00p -3.30%
888 Holdings (DI) (888) 79.55p -2.51%
Indivior (INDV) 1,259.00p -2.47%
Foresight Group Holdings Limited NPV (FSG) 395.00p -2.47%
Tate & Lyle (TATE) 623.50p -2.20%