FTSE 250 movers: CYBG dips, Ferrexpo strikes the iron

London’s FTSE 250 was down 0.42% at 18,565.22 in afternoon trade on Monday, as independent banking group CYBG dragged the index lower.

The Clydesdale Bank, Yorkshire Bank and Virgin Money UK owner was closely followed by Hochschild Mining as gold prices steadied, amid reports that embattled Venezuelan leader Nicolas Maduro is attempting to sell off £1.2bn worth of foreign gold reserves in the UK and relocate the profits to the South American nation's central bank.

Major Tesco supplier Hilton Food also dropped as the supermarket lost ground following reports over the weekend that it could cut 15,000 jobs and close some of its fresh food and bakery counters.

At the other end of the scales, Iron miner Ferrexpo led the risers on the index due to expectations that iron ore prices will rise following a dam collapse which left at least 58 people dead and hundreds more missing at a Vale mine in Brazil on Friday.

Automotive fluid technology specialist TI Fluid Systems advanced after saying it expects group results for the past calendar year to be in line with its expectations, with the business expressing confidence in its ability "to outperform global light vehicle production volume growth on a constant currency basis".

Multinational telecommunications testing company Spirent Communications climbed after Goldman Sachs raised the stock's target price from 118p to 152p, while retailer Dixons Carphone rallied after an upgrade to ‘overweight’ at with a 240p target at Morgan Stanley as the investment bank looked positively on retailers.

"Investors may be bearish, but with real income growth accelerating, unemployment low and sourcing costs stable, we think the outlook for UK retail this year isn’t that bad. But we remain concerned about rising costs and think the impact of IFRS 16 (lease accounting regulations) is being underestimated," said the note from Morgan Stanley.

Market Movers

FTSE 250 (MCX) 18,565.22 -0.42%

FTSE 250 - Risers

Ferrexpo (FXPO) 210.80p 5.14%
TI Fluid Systems (TIFS) 167.80p 4.22%
Spirent Communications (SPT) 148.80p 4.06%
Euromoney Institutional Investor (ERM) 1,286.00p 3.71%
Restaurant Group (RTN) 148.40p 3.06%
Capital & Counties Properties (CAPC) 245.60p 2.38%
Dixons Carphone (DC.) 145.05p 2.00%
Fisher (James) & Sons (FSJ) 1,904.00p 1.82%
Great Portland Estates (GPOR) 738.90p 1.69%
Amigo Holdings (AMGO) 252.95p 1.59%