London’s FTSE 250 was flat at 24,060.13 in afternoon trade on Tuesday.
Online review website Trustpilot was the standout gainer on the index.
Travel-related stocks were under pressure, with budget airlines Wizz Air and easyJet and retailer WH Smith – which has outlets at airports and train stations – all down after the EU recommended a pause on all non-essential travel form the US due to a rise in Covid cases.
WH Smith is due to put out a pre-close trading statement on Wednesday.
Reach was in the red even as Liberum initiated coverage of the newspaper and magazine publisher with a ‘buy’ rating and 475p price target as it said the shares have done well in recent months, but are at the start of the next growth phase.
“We believe that Reach can attain an inflection point at which growth in digital begins to offset declines in print faster than the market is currently anticipating,” the broker said.
“Print advertising is structurally declining but is profitable and cash generative and, considering that the cohort of customers who purchase newspapers have circa 10-15+ years before they are essentially underrepresented, there are sufficient cash flows to fund investment into growing digital.”
FTSE 250 – Risers
Trustpilot Group (TRST) 431.00p 5.12%
Chrysalis Investments Limited NPV (CHRY) 274.00p 4.98%
RIT Capital Partners (RCP) 2,700.00p 3.45%
Inchcape (INCH) 916.00p 2.98%
Aston Martin Lagonda Global Holdings (AML) 1,996.50p 2.94%
Ninety One (N91) 255.00p 2.82%
Diversified Energy Company (DEC) 110.80p 2.78%
Auction Technology Group (ATG) 1,618.00p 2.66%
Indivior (INDV) 195.90p 2.62%
Helios Towers (HTWS) 176.80p 2.55%
FTSE 250 – Fallers
Wizz Air Holdings (WIZZ) 4,804.00p -3.63%
Wood Group (John) (WG.) 247.60p -3.47%
Playtech (PTEC) 407.60p -3.04%
Harbour Energy (HBR) 358.60p -2.87%
Lancashire Holdings Limited (LRE) 623.00p -2.50%
Reach (RCH) 407.50p -2.40%
WH Smith (SMWH) 1,631.00p -2.16%
Workspace Group (WKP) 930.50p -2.16%
easyJet (EZJ) 791.60p -2.15%
Babcock International Group (BAB) 361.70p -2.11%
