FTSE 250 movers: Zoopla soars while Virgin Money falls flat

The FTSE 250 was trading just above the line on Monday afternoon, as sterling strengthened after better-than-expected UK services data.

Leading the risers was Zoopla Property Group, as it pared the last of its post-Brexit losses on the back of an upgrade from Barclays.

The primary reason cited by the bank for the upgrade is its expectation of a strong performance from price comparison website uSwitch, rather than any real anticipation for real estate strength.

“We see an excellent standalone business in uSwitch, which the market is now more aware of (but doesn’t yet fully appreciate in our view). And we understand the logic behind Property Software Group.

“But in our view, the market is not pricing in synergies between the businesses and doesn’t fully appreciate the long-term vision the management team has for putting it all together. We see the investor day as an opportunity to increase understanding here, and a refresh for how people value the business,” Barclays said.

Another winner was Dechra Pharmaceuticals, after it reported a jump in underlying profit for the year as revenue grew following a number of acquisitions.

In its preliminary results for the year ended 30 June, the veterinary pharmaceutical business said underlying operating profit came in at £52.9m from £44.4 the year before, on revenue of £247.6m, up from £203.5m.

Dechra said it continues to outperform in the majority of therapeutic areas and markets in which it trades, especially in the US.

Leading the losers was Virgin Money, amid a more muted mood in the banking sector after Deutsche Bank downgraded two of the big boys.

Analysts at the bank downgraded both Lloyds Bank and Royal Bank of Scotland to adjust for what it described as a “lower-for-longer” environment.

DB pointed out that UK bank shares have been particularly volatile since the UK voted to leave the European Union, with RBS, Barclays and Lloyds all down 30-40% since pre-Brexit levels at one point.

FTSE 250 - Risers

Zoopla Property Group (WI) (ZPLA) 326.70p 6.76%
Dechra Pharmaceuticals (DPH) 1,374.00p 5.69%
Evraz (EVR) 133.80p 4.61%
Acacia Mining (ACA) 503.00p 3.93%
Kaz Minerals (KAZ) 185.00p 3.87%
Carillion (CLLN) 268.80p 2.95%
Cobham (COB) 169.30p 2.86%
Tullow Oil (TLW) 232.50p 2.74%
Vedanta Resources (VED) 512.00p 2.54%
Centamin (DI) (CEY) 158.00p 2.46%

FTSE 250 - Fallers

Virgin Money Holdings (UK) (VM.) 306.40p -3.53%
Redefine International (RDI) 42.23p -3.01%
Brown (N.) Group (BWNG) 210.70p -2.59%
Ibstock (IBST) 169.10p -2.54%
Hastings Group Holdings (HSTG) 220.80p -2.47%
Tritax Big Box Reit (BBOX) 144.50p -2.43%
Debenhams (DEB) 60.60p -2.18%
Countrywide (CWD) 261.70p -2.10%
St. Modwen Properties (SMP) 285.20p -1.82%
Workspace Group (WKP) 705.50p -1.74%