FTSE 250 movers: Metro Bank in the doghouse, Sirius Minerals soars

London's FTSE 250 index was edged 1.09% lower to 19,318.44 in afternoon trade on Thursday, with Metro Bank once again coming in as the top faller.

The challenger bank is the most shorted stock on the London market, with Reuters having reported last week that business customers had withdrawn deposits as investors appear to be betting that a slump sparked by an accounting error revealed in February will continue.

William Hill and GVC Holdings were both trading lower after a new study in the British Medical Journal suggested there should be a mandatory tax on the gambling industry to treat addiction in the UK.

The former also saw analysts at Goldman Sachs reiterate its 'neutral' rating, arguing that the rising regulatory burden on the industry may be here to stay.

"Moreover, with growing focus on ESG [environmental, social and governance] integration, we think online gaming companies’ multiple could remain depressed, even if growth opportunities arise, unless they are able to more clearly demonstrate to investors that they are actively engaging with key ESG issues facing the sector," said analysts.

Precious metals miner Polymetal and building materials manufacturer Ibstock both dropped lower as their stock went ex-dividend.

Shares in engineer IMI fell after it said trading conditions in the first quarter remained mixed, but results for the year are expected to be in line with current market expectations.

At the other end of the pitch, Sirius Minerals led the risers a day after analysts at Berenberg cut the stock's price target from 40p to 35p and warned that shareholders may face some dilution in the short term, but reiterated a 'buy' rating and stated that they remain positive on the fertiliser developer's longer-term credentials.

Precious metals miner Acacia Mining also climbed after it reported a jump in April gold production, boosted by a 54% increase in output from its North Mara gold mine in Tanzania.

Indivior, which makes opioid addiction treatment Suboxone, was on the rise after it entered into an exclusive license agreement with specialty pharmaceutical company HLS Therapeutics for the commercialisation rights to schizophrenia drug Perseris (risperidone) in Canada.

Derwent London enjoyed a boost after it said demand for its properties was strong as rental income at the real estate investment trust increased.

Finally, JD Wetherspoon recovered some ground from its Wednesday drop when it suffered after failing to upgrade earnings guidance amid increased costs, as Berenberg analysts defended the stock and said it had "the potential to convert its impressive top-line momentum into solid growth in earnings and free cash flow over the coming years".

Market Movers

FTSE 250 (MCX) 19,318.44 -1.09%

FTSE 250 - Risers

Sirius Minerals (SXX) 17.36p 7.73%
Acacia Mining (ACA) 150.10p 3.09%
Indivior (INDV) 42.28p 2.75%
Funding Circle Holdings (FCH) 232.00p 1.75%
Avast (AVST) 313.20p 1.69%
Derwent London (DLN) 3,242.00p 1.38%
Hammerson (HMSO) 295.50p 1.30%
Plus500 Ltd (DI) (PLUS) 556.60p 1.27%
Wetherspoon (J.D.) (JDW) 1,301.00p 1.17%
McCarthy & Stone (MCS) 134.50p 1.13%

FTSE 250 - Fallers

Metro Bank (MTRO) 536.68p -9.04%
William Hill (WMH) 140.90p -5.85%
Aston Martin Lagonda Global Holdings (AML) 840.20p -5.52%
Premier Oil (PMO) 86.30p -5.16%
Polymetal International (POLY) 775.60p -4.72%
IMI (IMI) 969.60p -4.38%
Contour Global (GLO) 197.20p -3.80%
Kaz Minerals (KAZ) 575.00p -3.72%
Ibstock (IBST) 250.00p -3.70%
GVC Holdings (GVC) 595.00p -3.66%