FTSE 250 movers: Aveva Group drives market higher

The FTSE 250 was up mid-afternoon Tuesday to 16,974.63, rising 57.29 points (0.34%).

Tullow Oil

22.10p

15:39 15/11/24

1.94%

0.42p

Shares in engineering software company Aveva Group rallied after Berenberg upgraded the stock to ‘buy’ from ‘hold’ and lifted the price target to 2,450p from 1,977p.

“Our discussions with various interested parties have strengthened our view that the deal between Aveva and Schneider will close,” it said.

Berenberg noted that Schneider has acquired a number of software assets over the past five years and as a result, the bank reckons its management is strongly motivated to close its reverse takeover of Aveva.

Big Yellow Group continued its rise from the beginning of the week after it refinanced the group’s banking facilities to reduce the cost of debt late last week.

Mining and metal stocks were some of the markets biggest drops, driven by lower commodity prices. Notable fallers included Evraz, Vedanta Resources and Kaz Minerals.

The oil and gas sectors also took a hit on the back of two-day declines in oil prices, led by Tullow Oil and Premier Oil.

FTSE 250 - Risers

Aveva Group (AVV) 2,093.00p 4.23%
Riverstone Energy Limited (RSE) 863.50p 3.91%
Big Yellow Group (BYG) 727.50p 3.49%
AO World (AO.) 160.40p 3.48%
Brown (N.) Group (BWNG) 376.60p 3.23%
Card Factory (CARD) 355.50p 3.22%
Auto Trader Group (AUTO) 374.10p 3.09%
Redefine International (RDI) 55.00p 2.90%
Sophos Group (SOPH) 237.50p 2.77%
Bovis Homes Group (BVS) 1,025.00p 2.65%