FTSE 250 movers: Synthomer surges on update; AA skids on Liberum note

London’s FTSE 250 was down 0.3% to 18,162.95 in afternoon trade as investors on both sides of the pond looked to the inauguration of Donald Trump.

Chemicals group Synthomer surged after it said it expects 2016 profit to be ahead of the previous year and the market’s expectations following solid trading in Europe and Asia and a boost from the weaker pound.

Engineering group Amec Foster Wheeler was a high riser as Societe Generale upgraded the stock to ‘buy’ from 'hold' and lifted the target price to 650p from 582p.

"We expect the stock to re-rate as uncertainty gradually dissipates post the group’s 21 March Capital Markets Day."

Energy-related stocks Petrofac, Tullow Oil and Hunting gushed higher as oil prices rallied ahead of a weekend meeting of oil producers in Vienna, which will establish a compliance mechanism to verify that producers are sticking to a deal to reduce output.

On the downside, shares in the AA were under the cosh as Liberum cut its price target on the stock to 340p from 375p and downgraded its earnings per share estimates.

Pets at Home was weaker as HSBC downgraded the stock to ‘hold’ from ‘buy’ and lowered the target price to 230p from 290p after the company reported its third quarter trading update.

HSBC said the third quarter sales growth was below its expectations of £207m, led by a 0.5% like-for-like sales decline in the Merchandise business.

Ferrexpo and Vedanta Resources were on the back foot as metals prices declined.

Risers

Synthomer (SYNT) 418.80p 10.94%
Amec Foster Wheeler (AMFW) 481.40p 6.27%
Zoopla Property Group (ZPLA) 348.70p 3.01%
Petrofac Ltd. (PFC) 943.00p 2.72%
NMC Health (NMC) 1,654.00p 2.35%
Tullow Oil (TLW) 305.40p 1.60%
Hunting (HTG) 620.00p 1.39%
UDG Healthcare Public Limited Company (UDG) 659.00p 1.38%
3i Infrastructure (3IN) 191.80p 1.27%
TP ICAP (TCAP) 442.30p 1.21%

Fallers

AA (AA.) 254.20p -6.16%
Ferrexpo (FXPO) 128.10p -4.47%
Evraz (EVR) 217.80p -3.20%
Euromoney Institutional Investor (ERM) 1,148.00p -3.04%
Vedanta Resources (VED) 997.50p -2.68%
Allied Minds (ALM) 406.50p -2.33%
Supergroup (SGP) 1,536.00p -2.29%
Pets at Home Group (PETS) 208.20p -2.21%
Beazley (BEZ) 393.40p -2.19%
IP Group (IPO) 185.40p -2.11%