FTSE 250 movers: Investec on the rise again; Sanne hit by downgrade
London's FTSE 250 was up 2.1% to 19,666.95 in afternoon trade on Wednesday, recovering from heavy falls the day before.
Asset manager Investec was the top gainer a day after it announced big changes at the top. On Tuesday, the company said that Fani Titi and Hendrik du Toit have been promoted to the roles of co-chief executives.
UDG Healthcare was boosted by an upgrade to 'buy' from 'hold' at Liberum, which said consensus earnings expectations are too pessimistic, lying at the bottom-end of a 2018 guidance range that it expects management to beat.
"The same applies for 2019 where we think there is too much scepticism around Sharp US following 18 months of underperformance," it added.
Going the other way, Sanne Group, a provider of trust and fund administration services, was under the cosh as Liberum downgraded it to 'hold' from 'buy' and slashed the price target to 745p from 905p. The brokerage said that while Sanne is very well positioned to take advantage of long-term structural trends in the fund administration industry, certain headwinds - namely the weakening US dollar - have dented its medium-term growth potential.
Ferrexpo, Hochschild, Polymetal and Acacia Mining all lost their shine as gold prices fell.
Polymetal was also weaker as Credit Suisse cut its price target on the stock to 790p from 842p on higher cost forecasts, keeping its 'neutral' rating.
Risers
Investec (INVP) 599.60p 7.30%
Stobart Group Ltd. (STOB) 240.50p 5.95%
BGEO Group (BGEO) 3,530.00p 5.63%
UDG Healthcare Public Limited Company (UDG) 780.00p 5.12%
Sirius Minerals (SXX) 23.00p 4.74%
Polar Capital Technology Trust (PCT) 1,116.43p 4.73%
AA (AA.) 132.80p 4.53%
Herald Investment Trust (HRI) 1,127.35p 4.38%
Coats Group (COA) 76.70p 4.35%
F&C Global Smaller Companies (FCS) 1,320.00p 4.35%
Fallers
Sanne Group (SNN) 661.00p -4.48%
Cineworld Group (CINE) 223.00p -3.88%
Ferrexpo (FXPO) 276.90p -2.98%
Hochschild Mining (HOC) 213.80p -2.86%
Vectura Group (VEC) 81.60p -2.86%
Polymetal International (POLY) 754.60p -2.73%
Acacia Mining (ACA) 172.20p -2.38%
RPC Group (RPC) 787.20p -1.80%
Vedanta Resources (VED) 753.20p -1.39%
Centamin (DI) (CEY) 153.20p -1.13%