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FTSE 250 movers: Tullow, Spirent rally after upgrades

London’s FTSE 250 was 0.1% firmer at 22,705.67 in afternoon trade on Wednesday.
Tullow Oil gushed higher after an upgrade to ‘hold’ from ‘sell’ at Canaccord Genuity.

Elsewhere, Spirent Communications was up after Berenberg initiated coverage of the stock at ‘buy’.

“Given the complexity of its services and the historical cyclicality of the business (linked to telecoms operators’ capex cycles), it has often been ignored by investors,” the bank said.

“However, there are reasons now to be more bullish, not least because the company is experiencing 5G rollout tailwinds, but it also has: 1) a new management team; 2) a new strategic focus powering a rapid shift towards recurring revenue; and 3) a new business mix with far less dependence on volatile device testing.”

FTSE 250 – Risers

Trainline (TRN) 302.20p 5.00%
Kainos Group (KNOS) 1,401.00p 4.55%
NCC Group (NCC) 294.50p 4.43%
Tullow Oil (TLW) 64.30p 4.38%
Micro Focus International (MCRO) 520.40p 3.83%
Cineworld Group (CINE) 88.36p 2.79%
Spirent Communications (SPT) 252.00p 2.77%
FDM Group (Holdings) (FDM) 1,020.00p 2.72%
Network International Holdings (NETW) 381.60p 2.31%
Drax Group (DRX) 444.00p 2.07%

FTSE 250 – Fallers

Beazley (BEZ) 330.10p -3.17%
TI Fluid Systems (TIFS) 308.50p -2.99%
Meggitt (MGGT) 473.70p -2.93%
RHI Magnesita N.V. (DI) (RHIM) 4,130.00p -2.78%
Sirius Real Estate Ltd. (SRE) 110.60p -2.30%
Shaftesbury (SHB) 600.50p -2.28%
Auction Technology Group (ATG) 1,188.00p -1.98%
Lancashire Holdings Limited (LRE) 638.50p -1.92%
Hiscox Limited (DI) (HSX) 839.60p -1.87%
Coats Group (COA) 67.30p -1.75%

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