The FTSE 250 was down 0.92% to 17,193.47 at 1528 BST.
RBC Capital Markets upgraded Moneysupermarket on Monday to ‘outperform’ from ‘sector perform’ and lifted the price target to 250p from 230p, as it argued that the 20% de-rating since August presents a good entry point.
It said the shares are now trading attractively at a free cash flow yield of 10%.
“We believe MONY’s core business should benefit from consumers increasingly looking to save on their monthly bills, positioning it as a resilient play during the economic downturn,” RBC said.
“We believe this is reflected in the positive dynamics suggested by both app data and Google Search Trends. We view its Insurance (excluding travel insurance) and Money products as beneficiaries in this environment, particularly in light of rising insurance premiums and interest rates,” it said.
Property group Sirius Real Estate gained after the company said on Monday that like-for-like annualised rent rolls had risen 2.4% in the six months ended 30 September to €115.2m.
Sirius stated year-to-date trading and FFO was in line with consensus and management expectations for the full year as total annualised rent rolls increased to €167.9m, up from €167.1m six months earlier, despite disposals of its Magdeburg asset in Germany and its Camberwell site in the UK.
Renewable energy investment funds all tanked after a report that UK Prime Minister Lizz Truss wants to ban new solar farms on agricultural land.
The Guardian newspaper reported that ministers were planning to ban solar farms from most of England’s farmland. New environment secretary Ranil Jayawardena was understood to oppose solar panels being placed on agricultural land, arguing that it impedes his programme of growth and boosting food production.
During her speech at the Conservative party conference last week, the prime minister, Liz Truss, reeled off a list of “enemies”, including green campaigners, who make up what she characterised as the “anti-growth coalition”. However, green campaigners say blocking the building of renewables would make her government part of such a group.
The news knocked shares in Greencoat UK Wind, NextEnergy Solar Fund Limited Red, Bluefield Solar Income Fund and Foresight Solar Fund.
FTSE 250 – Risers
Moneysupermarket.com Group (MONY) 193.50p 7.14%
Marks & Spencer Group (MKS) 97.16p 3.52%
ITV (ITV) 60.28p 2.80%
Abrdn (ABDN) 136.70p 2.78%
Sirius Real Estate Ltd. (SRE) 70.90p 2.75%
easyJet (EZJ) 300.50p 2.07%
Genuit Group (GEN) 286.00p 1.96%
Greggs (GRG) 1,804.00p 1.92%
Howden Joinery Group (HWDN) 505.20p 1.65%
Clarkson (CKN) 2,695.00p 1.51%
FTSE 250 – Fallers
Greencoat UK Wind (UKW) 137.50p -8.94%
Molten Ventures (GROW) 277.00p -7.17%
NextEnergy Solar Fund Limited Red (NESF) 102.00p -6.93%
IP Group (IPO) 55.35p -6.82%
Abrdn Private Equity Opportunities Trust (APEO) 377.00p -6.45%
Syncona Limited NPV (SYNC) 170.00p -6.39%
Bluefield Solar Income Fund Limited (BSIF) 126.00p -6.32%
Foresight Solar Fund Limited (FSFL) 108.00p -5.92%
Drax Group (DRX) 527.50p -5.80%
Cranswick (CWK) 2,604.00p -4.62%
