FTSE 250 movers: Victrex rallies on Liberum note; Entertainment One drops on rights issue

London’s FTSE 250 index was up 1.2% to 16,640.16 at 1507 BST, rising in line with the broader market which rebounded from losses in the previous session.

Shares in polymer solutions company Victrex rallied after Liberum initiated coverage of the stock at ‘buy’ with a 2,200p price target. “We believe it is a great time to buy following a selloff in the shares year-to-date and the completion of a major investment programme that heralds a period of strong cash flow and further cash return potential of 200p,” it said.

Wizz Air Holdings flew higher for the second day in a row after the low-cost airline raised its full-year net profit guidance on Tuesday and said it has traded well in the first half of the 2016 financial year. It said the strong first-half financial performance, combined with robust bookings for the third quarter are encouraging and it now expects to report a net profit for the full year in the range of €190m to €200m, up from previous guidance of €175m to €185m in July.

Science and technology development company Allied Minds advanced following recent heavy losses. The stock has fallen sharply since New York-based hedge fund Kerrisdale Capital slammed the group last week. Kerrisdale said Allied was “an investment vehicle with no objective evidence of commercial success” and internal valuations of its subsidiaries are “baselessly optimistic”. The stock fell from 490p to 309p on the back of those comments.

Just Eat rose as Bank of America Merrill Lynch maintained its ‘buy’ rating and said it remained positive on the stock following roadshows with management in Europe and the US. “With strong cash generation and M&A looking less likely to be a big use of cash, we think buybacks are a possibility medium term - though not yet as they would need board authorisation at the AGM first,” it said.

Peppa Pig co-owner Entertainment One was under the cosh after the company announced a £193.6m rights issue to fund the acquisition of a 70% stake in Peppa producer Astley Baker Davies and pay off some debt. The group also released a trading update that was in line with recent guidance.

Risers

Kaz Minerals (KAZ) 80.55p +10.80%

Victrex plc (VCT) 1,748.00p +5.17%

Wizz Air Holdings (WIZZ) 2,057.00p +4.95%

Aggreko (AGK) 919.00p +4.91%

Nostrum Oil & Gas (NOG) 477.90p +4.28%

Premier Oil (PMO) 66.85p +4.21%

Bwin.party Digital Entertainment (BPTY) 111.80p +4.10%

Auto Trader Group (AUTO) 341.00p +3.96%

Just Eat (JE.) 409.80p +3.64%

Ophir Energy (OPHR) 87.95p +3.41%

Fallers

Entertainment One Limited (ETO) 246.50p -9.38%

BBA Aviation (BBA) 263.60p -4.15%

Vedanta Resources (VED) 427.80p -2.84%

Centamin (DI) (CEY) 60.65p -1.86%

IP Group (IPO) 224.00p -1.84%

Foxtons Group (FOXT) 231.00p -1.83%

Sophos Group (SOPH) 231.40p -1.82%

Jimmy Choo (CHOO) 138.00p -1.57%

Acacia Mining (ACA) 244.20p -1.41%

Computacenter (CCC) 746.00p -1.13%