FTSE 250 movers: M&S, Dunelm lose ground; NCC boosted by upgrade

London’s FTSE 250 was down 0.3% at 18,761.01 in afternoon trade on Wednesday.

Marks & Spencer and Dunelm were under pressure as JPMorgan put the shares on "negative catalyst watch" as it warned the cost-of-living crisis for UK consumers has only just begun.

In a broader note on the sector, JPM said retailers were entering an at best uncertain environment with input costs and opex still much higher than pre-crisis levels, 12% UK minimum wage inflation, and wholesale utilities costs already more than triple digit inflation even if now frozen.

Pub group Mitchells & Butlers was knocked lower by a downgrade to ‘equalweight’ at Morgan Stanley.

Retailer WH Smith was down despite saying it had continued to see a "strong performance" from its travel unit in the second half, with group revenue coming in "comfortably in excess" of pre-Covid levels.

On the upside, cyber security and risk mitigation specialist NCC was sitting pretty at the top of the index after an upgrade to ‘buy’ at Investec.

Drax rose as new prime minister Liz Truss ruled out a windfall tax.

FTSE 250 - Risers

NCC Group (NCC) 225.00p 13.64%
Drax Group (DRX) 698.50p 7.13%
Trainline (TRN) 340.70p 3.62%
Auction Technology Group (ATG) 800.00p 2.83%
CMC Markets (CMCX) 223.50p 2.52%
TBC Bank Group (TBCG) 1,810.00p 2.26%
Abrdn Private Equity Opportunities Trust (APEO) 414.00p 2.22%
Energean (ENOG) 1,271.00p 2.17%
Petershill Partners (PHLL) 222.00p 1.83%
Telecom Plus (TEP) 1,876.00p 1.74%

FTSE 250 - Fallers

Marks & Spencer Group (MKS) 119.75p -7.64%
Mitchells & Butlers (MAB) 154.30p -6.43%
Investec (INVP) 393.40p -5.77%
WH Smith (SMWH) 1,394.50p -5.71%
Ferrexpo (FXPO) 138.50p -4.75%
Aston Martin Lagonda Global Holdings (AML) 412.10p -4.54%
Chrysalis Investments Limited NPV (CHRY) 69.40p -3.07%
Dunelm Group (DNLM) 695.50p -3.07%
Virgin Money UK (VMUK) 148.20p -3.01%
Balanced Commercial Property Trust Limited (BCPT) 96.70p -2.91%