FTSE 250 movers: Apax Global falls, Trainline chugs higher

London’s FTSE 250 was 0.19% lower at 20,270.22 in afternoon trade on Tuesday, with Apax Global leading the index downward.

Engineering company Weir Group was in the red after analysts at JPMorgan cut their target price for the stock from 1,500.0p to 1,380.0p and reiterated their ‘neutral’ rating following a review of the UK’ capital goods sector.

Analysts said: “The combination of very weak PMIs with close to all-time premium for defensive versus cyclicals makes for a tricky backdrop for the sector as a whole and we continue to focus on stock specific stories.

“For the balance of 2019, our preferred stocks are Melrose, Smiths and Ashtead while we would avoid Weir.”

Digital rail and coach platform Trainline led the risers at the other end of the index, while CYBG was on the up after analysts at HSBC initiated the stock at ‘buy’ with a target price of 160p.

The analyst views came a day after the Clydesdale and Yorkshire Bank owner said it will change its name to Virgin Money UK at the end of October after completing the integration of Virgin Money Holdings UK’s business.

Premier Oil also rose after its joint venture partner 88 Energy confirmed it is on-track to drill the Charlie-1 well at Project Icewine in Alaska.

Market Movers

FTSE 250 (MCX) 20,270.22 -0.19%