FTSE 250 movers: Metro Bank chugs higher, Kainos falls

London’s FTSE 250 was down 0.82% at 19,624.51 in afternoon trading on Wednesday, with Metro Bank leading the index higher.

Aston Martin Lagonda also racked up solid gains, following other luxury goods stocks higher on investor optimism that a breakthrough in Hong Kong will ensure continued demand from Chinese consumers.

IP Group climbed after analysts at Jefferies raised their recommendation on the stock from ‘underperform’ to ‘hold’, while Greencore was higher after analysts at HSBC raised the stock’s target price from 270.0p to 280.0p.

At the other end of the pitch, Kainos topped the fallers as it said it expected full year results to be in line with current market expectations but warned it was “cautious” about public-sector spending in the UK as Brexit turmoil continued.

Wagamama owner Restaurant Group continued to fall a day after reporting that it had swung to a first-half pre-tax loss of £87.7m after turning a profit of £12.2m during the previous year due to an exceptional pre-tax charge of £115.7m.

Analysts at Canaccord said: “Wagamama, concessions and pub restaurants are performing well but the Leisure division remains problematic despite its decreasing importance to the group. New CEO Andy Hornby started on 1 August, the strategy is clear, he needs to accelerate the momentum building within the business and cook up some decent results.”

Homeware retailer Dunelm meanwhile reversed earlier gains to trade sharply lower as it posted a 23.5% jump in full-year pre-tax profit but struck a cautious note on the outlook amid Brexit-related uncertainty.

Meanwhile, Avast was under pressure after Sybil Holdings sold off its entire 12.4% stake in the cyber-security company.

Finally, precious metals miners Centamin and Acacia dipped as gold prices dropped back from a six-year high after global equity markets rebounded amid signs that tensions in Hong Kong may be easing.

Market Movers

FTSE 250 (MCX) 19,624.51 0.82%