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30 Mar 2021 | 14:18

FTSE 250 movers: Victrex rallies on upgrade; Pennon ticks lower

(Sharecast News) - London's FTSE 250 was up 0.3% at 21,506.7 in afternoon trade on Tuesday. Polymer maker Victrex was among the top gainers after Citi upgraded the shares to 'neutral' from 'sell', citing the first signs of volume growth "as many of its key end markets look to be through trough levels".

"The relatively low probability of incremental bad news coupled with the valuation closing in on recent averages means that we move to neutral," Citi said. "However, despite the uptick in volumes, we think the drop through to earnings will be subdued as Victrex continues to unwind its inventory levels resulting in under recovered overheads as production volumes remain below sales volumes."

Budget airlines easyJet and Wizz Air were both higher after Berenberg upped their price targets to 960p from 850p and to 5,500p from 5,000p, respectively.

On the downside, Pennon was weaker after a trading statement in which it said it is on track to deliver "resilient" financial results in line with management expectations.

FTSE 250 - Risers

Tullow Oil (TLW) 51.94p 5.27% Victrex plc (VCT) 2,232.00p 4.79% Micro Focus International (MCRO) 575.40p 4.62% Meggitt (MGGT) 485.70p 3.87% Hiscox Limited (DI) (HSX) 858.00p 3.85% easyJet (EZJ) 969.80p 3.39% Wizz Air Holdings (WIZZ) 4,904.00p 3.24% CMC Markets (CMCX) 490.50p 3.15% TI Fluid Systems (TIFS) 275.00p 3.00% Just Group (JUST) 100.00p 2.77%

FTSE 250 - Fallers

Cineworld Group (CINE) 101.50p -4.83% Drax Group (DRX) 424.40p -3.06% Pennon Group (PNN) 963.20p -3.00% Centamin (DI) (CEY) 102.60p -2.66% Dr. Martens (DOCS) 451.90p -2.61% Gamesys Group (GYS) 1,920.00p -2.54% Bytes Technology Group (BYIT) 399.60p -2.54% Hilton Food Group (HFG) 1,082.00p -2.52% Hochschild Mining (HOC) 190.50p -2.11% Baillie Gifford US Growth Trust (USA) 294.00p -2.00%
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