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FTSE 250 movers: IMI rallies on upgrade; precious metals miners drop

Mon, 4th Dec 2017 15:42


(ShareCast News) - London's FTSE 250 was up 0.4% to 19,935.20 in afternoon trade on Monday as investors digested a better-than-expected reading on the UK construction sector and cheered news of the passing of the US tax reform bill amid growing hopes of a Brexit breakthrough.

IMI was the standout gainer as Deutsche Bank upgraded its stance on the stock to 'buy' from 'hold' and lifted its price target to 1,475p from 1,285. The bank said it estimates around 40% of IMI is exposed to late cycle markets, predominantly at Critical, with this division bottoming in 2017 and offering scope for recovery surprise across margin and revenue as it rebounds over the next 18-24 months.

In, addition, it pointed to an undemanding valuation versus sector, with 12-month forward price-to-earnings seeing no sector relative re-rating. It also said that M&A remains firmly on the agenda, which will supplement organic growth.

Electrocomponents was in the black as Numis said a visit to the company's Allied Electronics business highlighted the "significant opportunities" for growth in North America, particularly in the Automation & Control market, how efficiently run the business is and the strength of its customer and supplier relationships.

Business-to-business events organiser UBM was lifted by an upgrade at Exane BNP Paribas.

Going the other way, precious metals miner Polymetal International and Hochschild Mining lost their shine as gold and silver prices declined amid a firmly 'risk on' tone in markets.

Online grocery specialist Ocado was on the back foot after gaining last week as it announced a tie-up with France's Casino.

Risers

Syncona Limited NPV (SYNC) 205.99p 4.30%

Marshalls (MSLH) 440.00p 3.51%

Evraz (EVR) 295.60p 2.92%

Synthomer (SYNT) 485.40p 2.75%

Elementis (ELM) 271.60p 2.72%

IMI (IMI) 1,272.00p 2.58%

Dunelm Group (DNLM) 701.00p 2.49%

Electrocomponents (ECM) 631.00p 2.44%

Unite Group (UTG) 726.00p 2.33%

UBM (UBM) 757.00p 2.23%

Fallers

Polymetal International (POLY) 866.50p -3.08%

Hikma Pharmaceuticals (HIK) 986.30p -2.73%

Ultra Electronics Holdings (ULE) 1,264.50p -2.73%

Ocado Group (OCDO) 353.80p -2.67%

Provident Financial (PFG) 866.75p -2.45%

Hochschild Mining (HOC) 226.50p -2.37%

Serco Group (SRP) 91.85p -2.34%

IP Group (IPO) 147.50p -2.32%

Vedanta Resources (VED) 681.50p -2.29%

Drax Group (DRX) 263.60p -2.04%




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