FTSE 250 movers: Miners gain but Countrywide slumps on Zoopla stake sale

London’s FTSE 250 index was up 0.3% to 17,995.31 in afternoon trade as investors mulled the Federal Reserve’s decision to leaves rates on hold and signs a hike was coming by the end of the year.

Miners were in the black as the dollar lost ground following the Federal Reserve’s decision to stand pat on rates, with Hochschild and Vedanta Resources firmly higher as the weaker greenback makes dollar-denominated commodities more affordable for holders of other currencies.

BBA Aviation rallied after Barclays initiated coverage of the stock at ‘overweight’ with a 280p price target.

It said that operating in an attractive market with excellent market positioning; there are two potential areas for further share price upside.

The first is the Landmark acquisition, where integration is going to plan and cost synergies are marginally ahead of expectations.

Secondly, Barclays said that thanks to very strong cash generation, it sees scope for the group to deleverage quickly and expects BBA to review its target capital structure in 2017, allowing for incremental shareholder return potential over the medium term.

MCarthy & Stone gained ground. Nicholas Hyett, equity analyst at Hargreaves Lansdown, said investors are taking a more positive view in what has so far been a torrid September following a cautious full-year trading update.

On the downside, shares in Countrywide fell after the estate agency group said it has sold its remaining stake in property website Zoopla.

It sold just over 9.2m shares at an average price of £3.17 between 9 August and 21 September, giving gross proceeds of £29.2m. Countrywide said proceeds from the disposal will be used to reduce corporate indebtedness and for other general corporate purposes.

Drax was under pressure as Jefferies downgraded the stock to ‘underperform’ as it took a look at the Big Six energy companies.

Despite Drax’s increased earnings visibility relating to the biomass CfD contract and capacity market revenues, Jefferies expects recent outperformance to unwind "due to the downside we see to forward UK power prices".

Redrow and Crest Nicholson were on the back foot as their stock went ex-dividend.

Risers

Hochschild Mining (HOC) 289.20p 7.51%
Vedanta Resources (VED) 554.00p 6.95%
JRP Group (JRP) 126.00p 5.00%
Evraz (EVR) 161.20p 4.27%
McCarthy & Stone (MCS) 168.70p 3.94%
Amec Foster Wheeler (AMFW) 571.50p 3.91%
Investec (INVP) 481.00p 3.78%
Hunting (HTG) 454.10p 3.68%
Big Yellow Group (BYG) 771.00p 3.14%
BBA Aviation (BBA) 254.70p 2.95%

Fallers

DFS Furniture (DFS) 252.50p -4.03%
Countrywide (CWD) 218.90p -3.36%
Euromoney Institutional Investor (ERM) 1,102.00p -3.08%
Riverstone Energy Limited (RSE) 1,050.00p -2.77%
Ascential (ASCL) 265.50p -2.75%
CMC Markets (CMCX) 219.90p -2.69%
Redrow (RDW) 397.50p -2.64%
Drax Group (DRX) 307.30p -2.44%
Crest Nicholson Holdings (CRST) 455.70p -2.44%
Paragon Group Of Companies (PAG) 316.30p -2.41%