FTSE 250 movers: Pets at Home slumps on downgrade

The FTSE 250 was down 0.08% at 18,622.60 at 1450.

Pets at Home slumped after RBC Capital Markets downgraded the shares to ‘underperform’ from ‘sector perform’ and slashed the price target to 280p from 330p. The bank said PETS has a strong position as a specialist player in the UK pet care market. "However, we believe valuation looks full and consensus forecasts look demanding."

EasyJet shares fell after Peter Bellew resigned as chief operating officer on Friday 1 July to pursue other business opportunities. The airline has been under pressure after being to cancel flights amid the chaos gripping UK airports due to labour shortages across the industry. Shares in rival budget carrier Wizz Air also descended.

Builders’ merchant Grafton fell after it announced that Gavin Slark would be stepping down as chief executive later in the year after 11 years in the role.

Tullow Oil and Energean rose on higher commodities prices.

FTSE 250 - Risers

Wood Group (John) (WG.) 155.90p 3.66%
Centamin (DI) (CEY) 80.00p 3.57%
Virgin Money UK (VMUK) 137.00p 3.51%
Tullow Oil (TLW) 45.04p 3.49%
Energean (ENOG) 1,081.00p 3.15%
Baltic Classifieds Group (BCG) 129.40p 2.70%
Spectris (SXS) 2,772.00p 2.59%
888 Holdings (DI) (888) 176.80p 2.55%
Mediclinic International (MDC) 463.80p 2.34%
Indivior (INDV) 311.60p 2.30%