FTSE 250 movers: Metro chugs upward while Indivior continues to plummet
London's FTSE 250 was up 0.65% at 18,485.47 in afternoon trade on Wednesday, as Metro Bank made gains off positive broker feedback.
Metro Bank was the top riser as Jefferies, which has a 'buy' rating and 1,998p target price on the stock, highlighted its impressive performance in an overview of UK banks, stating that Metro's first-half lending growth of 60% "outstrips that of all the other lenders, both big banks and challengers".
Wizz Air flew higher after an upgrade to 'buy' from 'neutral' at UBS, which lifted the target price to 3,750p from 3,450p and cited expansion plans and the low-cost airline's management team's proven record of solid execution as reasons for positivity.
"The industry on the whole has seen improved trading in the second half of 2017 with European economic growth supportive for future growth. Furthermore, we continue to believe that the low cost airlines will take market share from the more traditional flag carriers. Wizz is well placed to continue to grow at double digit growth," UBS said.
Pub owner and operator EI Group was on the rise, having reported a day earlier further growth in its net asset value to £3.34 per share, from £3.13 per share at the end of 2017, while Paragon Banking Group was on the up as it said full-year profits rose thanks to its diversification efforts.
In courtroom action at the other end of the field, Indivior suffered further heavy losses a day after a US appeals court judge lifted restrictions on a copycat version of its biggest-selling drug, as it said it was likely to lose up to 80% of its market share for the anti-opioid addiction treatment. As a result of the decision, the shares were downgraded to 'sector perform' at RBC Capital Markets.
The pharmaceutical company, whose shares crashed 47% on Tuesday, said it would oppose the lifting of the injunction that had been preventing generic drugmaker Dr Reddy's Laboratories from selling its generic version of Indivior's Suboxone Film.
Food outlet operator SSP was under the cosh as it posted a jump in full-year profits but said Kate Swann will be stepping down from her role as chief executive officer after more than five years at the company.
Babcock was in the red after the defence contractor reported a 64% slump in half-year pre-tax profit as it incurred exceptional charges of £120m. Underlying results were in line with expectations.
Finally, CYBG continued to drop after the Clydesdale and Yorkshire Bank owner on Tuesday reported increased underlying profits 13% in the past 12 months but fell into a loss at the statutory level due to PPI costs.
Market Movers
FTSE 250 (MCX) 18,485.47 0.65%
FTSE 250 - Risers
Metro Bank (MTRO) 2,112.00p 5.71%
Wizz Air Holdings (WIZZ) 2,933.00p 4.86%
Sophos Group (SOPH) 335.60p 4.81%
Bakkavor Group (BAKK) 148.40p 4.80%
AA (AA.) 94.12p 4.48%
JD Sports Fashion (JD.) 392.60p 4.47%
EI Group (EIG) 184.40p 4.18%
Rank Group (RNK) 159.27p 4.10%
Paragon Banking Group (PAG) 427.60p 3.94%
Stobart Group Ltd. (STOB) 195.20p 3.72%
FTSE 250 - Fallers
Indivior (INDV) 96.06p -12.63%
SSP Group (SSPG) 624.00p -8.88%
Babcock International Group (BAB) 565.60p -4.81%
CYBG (CYBG) 198.30p -3.92%
Senior (SNR) 242.60p -3.73%
Bank of Georgia Group (BGEO) 1,569.00p -2.68%
Aveva Group (AVV) 2,456.00p -2.62%
RHI Magnesita N.V. (DI) (RHIM) 3,446.00p -2.43%
Computacenter (CCC) 1,044.30p -2.40%
Go-Ahead Group (GOG) 1,525.00p -2.37%