FTSE 250 movers: Greencore boosted by upgrade; AO World retreats

London’s FTSE 250 was down 0.8% at 20,288.50 in afternoon trade on Wednesday.

Online electricals retailer AO World was the biggest loser, closely followed by Ferrexpo.

On the upside, convenience food maker Greencore was the standout performer as Jefferies lifted its stance on the shares to ‘buy’ from hold’ and upped the price target to 150p from 106p, a day after a muted reaction to a "reassuring" first-quarter update.

Jefferies said the update was indicative of a relatively rapid recovery. "Meanwhile, the recent capital raise and what we view as relentless determination and ambition puts GNC in a strong position to capitalise on recovery and any altered food-to-go landscape that lies beyond," it said.

Cineworld and Hammerson gained in a squeeze on short sellers. According to ShortTracker, Cineworld is currently the second most shorted stock in the UK, while Hammerson is he eighth, with short positions of 8.9% and 6.2% respectively.

Neil Wilson, chief market analyst at Markets.com, said: "It is likely down to short covering as hedge funds back out of their positions in light of what has happened to heavily shorted stocks like GameStop.”

FTSE 250 - Risers

Greencore Group (GNC) 126.80p 12.01%
Cineworld Group (CINE) 81.18p 10.99%
Petrofac Ltd. (PFC) 118.05p 6.35%
Hammerson (HMSO) 21.31p 5.08%
Centrica (CNA) 51.70p 4.78%
Capital & Counties Properties (CAPC) 138.60p 4.52%
Crest Nicholson Holdings (CRST) 322.20p 4.14%
Micro Focus International (MCRO) 418.00p 3.49%
Network International Holdings (NETW) 369.20p 3.48%
CMC Markets (CMCX) 405.00p 3.05%