FTSE 250 movers: Challenger banks rally; Kaz hit by downgrade
London's FTSE 250 was down 0.6% to 19,884.53 in afternoon trade.
Challenger banks OneSavings and Metro Bank were on the front foot as peer Shawbrook received a higher bid from Marlin Bidco, the buyout vehicle set up by BC Partners and Pollen Street Partners.
The offer was bumped up by 10p a share to 340p, valuing the bank at around £868m.
Bovis Homes was boosted by an upgrade to 'buy' from 'hold' at Deutsche Bank, which lifted its price target on the housebuilder to 1,135p from 980p.
"We believe with a combination of action on its balance sheet and moving to land bank profitability, Bovis has scope to drive sector average return on capital employed, and significant upside to dividends," Deutsche said.
Kaz Minerals was hit by a downgrade to 'reduce' from 'hold' by HSBC to reflect recent share price moves. The bank cut its price target on the stock to 440p from 460p.
Vedanta Resources was the standout loser, however, as copper prices fell.
Risers
OneSavings Bank (OSB) 414.60p 2.27%
Greencore Group (GNC) 254.00p 2.25%
Bovis Homes Group (BVS) 925.00p 1.93%
Metro Bank (MTRO) 3,793.00p 1.83%
Computacenter (CCC) 853.50p 1.79%
McCarthy & Stone (MCS) 181.90p 1.34%
JD Sports Fashion (JD.) 454.90p 1.25%
Worldwide Healthcare Trust (WWH) 2,455.00p 1.20%
IP Group (IPO) 138.20p 1.17%
Telecom Plus (TEP) 1,317.00p 1.07%
Fallers
Vedanta Resources (VED) 578.00p -4.78%
Restaurant Group (RTN) 353.00p -3.53%
Fidessa Group (FDSA) 2,401.00p -3.50%
Kaz Minerals (KAZ) 477.60p -3.40%
FirstGroup (FGP) 140.10p -2.98%
Allied Minds (ALM) 141.30p -2.95%
Hill & Smith Holdings (HILS) 1,432.00p -2.92%
Ferrexpo (FXPO) 168.00p -2.89%
Softcat (SCT) 423.40p -2.35%
Ladbrokes Coral Group (LCL) 118.70p -2.22%