FTSE 250 movers: RS Group gains on JPM 'positive watch'

30th Aug 2024 14:31

(Sharecast News) - FTSE 250 (MCX) 21,150.78 0.57%

RS Group gained as JPM opened a "positive catalyst watch" on the shares ahead of the capital markets day on 24 September.

Close Brothers surged again after RBC Capital Markets on Thursday upgraded the shares to 'outperform' from 'sector perform' and hiked the price target to 620p from 375p, citing a number of potential catalysts.

Analysts at Berenberg hiked their target price on building materials company Grafton from 1,100.0p to 1,200.0p on Friday, citing an "attractive opportunity".

Berenberg said while trading conditions remain "challenging" for Grafton, illustrated by expectation for a 15% decline in profit this year, it maintained its positive view for three reasons.

"Firstly, we expect more favourable market conditions from 2025 - in terms of both volumes and pricing - driving a recovery in profit. Secondly, we note an attractive capital returns story, with Grafton returning about 8% of its market cap per annum, on an ongoing basis, through a mix of buybacks and dividends. Finally, we see upside risk from the group deploying its surplus capital into value-enhancing acquisitions," said Berenberg.

The German bank, which reiterated its 'buy' rating on the stock, also noted that Grafton trades on 18x and 15x its 2024 and 2025 earnings per share forecasts.

Market Movers

FTSE 250 - Risers

Close Brothers Group (CBG) 549.50p 4.27%

Aston Martin Lagonda Global Holdings (AML) 150.80p 2.94%

British Land Company (BLND) 411.60p 2.85%

Grafton Group Ut (CDI) (GFTU) 1,088.40p 2.78%

Genus (GNS) 1,796.00p 2.51%

Target Healthcare Reit Ltd (THRL) 84.00p 2.31%

IP Group (IPO) 42.20p 2.30%

Pennon Group (PNN) 604.00p 2.29%

Tritax Big Box Reit (BBOX) 163.40p 2.25%

Greencoat UK Wind (UKW) 143.50p 2.21%

FTSE 250 - Fallers

SSP Group (SSPG) 170.60p -2.29%

Bank of Georgia Group (BGEO) 4,530.00p -1.74%

Diversified Energy Company (DEC) 915.00p -1.72%

4Imprint Group (FOUR) 5,280.00p -1.68%

Harbour Energy (HBR) 295.90p -1.43%

Drax Group (DRX) 644.00p -1.38%

Wizz Air Holdings (WIZZ) 1,328.00p -1.34%

PureTech Health (PRTC) 164.20p -1.20%

Auction Technology Group (ATG) 420.50p -1.18%

Clarkson (CKN) 3,815.00p -1.17%