(Sharecast News) - London's FTSE 250 was up by 0.75% at 20,112.33 in afternoon trading on Friday, with CYBG leading the index higher.
The Clydesdale and Yorkshire Bank owner rose as analysts at Shore Capital downgraded earnings forecasts but suggested that its current valuation, and that of the other major UK banks, already captured a materially worse economic outlook than the consensus was predicting.
"As our forecasts and valuations are predicated on consensus economic forecasts, this results in our fair values generally sitting well above current share prices. Consequently, we retain positive recommendations on all the mainstream UK banks bar HSBC, with CYBG currently offering the greatest upside," said the analysts.
Elsewhere, domestic stocks dominated the index's top risers as property stocks NewRiver REIT and Hammerson climbed, while housebuilders Bovis, Crest Nicholson and Bellway also enjoyed gains.
Cairn Energy was also on the way upwards after analysts at Barclays raised the stock's target price from 245p to 270p, stating that the stock appeared attractively valued under a base case Brent price outlook of a recovery to $70/bbl from 2021E onwards.
Babcock climbed after analysts at the end of a week where it completed its debt and facilities refinancing and announced a major contract win for the building of Type 32 frigates for the UK's Royal Navy.
At the other end of the scales, precious metals miners Centamin, Polymetal and Acacia Mining led the fallers as signs of thawing US-China relations helped to improve investors' appetite for risk.
Finally, companies with international exposure dropped on the back of the pound's strength, with African Shell licensee Vivo Energy, airport catering specialist SSP and transport operator Go-Ahead all dipping lower.
Market Movers
FTSE 250 (MCX) 20,112.33 0.75%
FTSE 250 - Risers
CYBG (CYBG) 130.60p 6.14%
NewRiver REIT (NRR) 197.80p 5.89%
Bovis Homes Group (BVS) 1,107.00p 5.43%
Cairn Energy (CNE) 194.96p 4.87%
Kaz Minerals (KAZ) 458.30p 4.87%
Hammerson (HMSO) 270.60p 4.16%
Babcock International Group (BAB) 565.20p 3.97%
Crest Nicholson Holdings (CRST) 389.80p 3.78%
Bellway (BWY) 3,275.00p 3.77%
Cineworld Group (CINE) 242.05p 3.75%
FTSE 250 - Fallers
Centamin (DI) (CEY) 120.10p -7.62%
Vivo Energy (VVO) 124.60p -4.59%
Polymetal International (POLY) 1,134.50p -3.24%
Acacia Mining (ACA) 234.60p -3.06%
SSP Group (SSPG) 659.00p -2.80%
Funding Circle Holdings (FCH) 104.00p -2.44%
Pets at Home Group (PETS) 234.60p -2.01%
Go-Ahead Group (GOG) 2,000.00p -1.67%
PureTech Health (PRTC) 274.50p -1.26%
Man Group (EMG) 165.30p -1.20%
28 Jun 2022 19:10
Go-Ahead expects to reduce Norway onerous contract provision
(Alliance News) - Go-Ahead Group PLC on Tuesday said it has reached a new agreement with the Norwegian Railway Directorate, putting its rail contract on "satisfactory footing".
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