FTSE 250 movers: Home Retail group surges on upgrade, miners lower

30th Jun 2015 13:07

Mid-caps continued to decline on Tuesday, as gains made in the real estate sector were offset by weakness from telecommunications, technology and mining stocks.As of 15:30 BST, the FTSE 250 was trading 0.3% lower at 17,586.Home Retail Group topped the risers after Morgan Stanley upgraded the stock to 'overweight' from 'equalweight' and raised the price target to 180p from 170p."We think there are some very interesting things going on at Argos at the moment. We don't have high conviction as to how they will play out, but with the shares on 4x earnings before interest, tax, depreciation and amortisation and supported by 120p of cash per share, we think the risk-reward has become attractive," it said.Shars in commercial van hire group Northgate fell after underwhelming with its annual results, as it posted a 41% increase in underlying profits to £85m and hiked its dividend 45%. Broker Numis said trading was "solid" but lowered its rating on Northgate from 'add' to 'hold' due to less upside risk.Foxtons slumped after Citigroup initiated coverage of the stock at 'sell' with a 215p price target. The company is largely focused on London, where Citi has concerns regarding end-market dynamics, given affordability issues which may curtail volumes.Mining stocks were mostly lower as risk appetite waned, with heavyweights Lonmin, Acacia Mining and Vedanta Resources all registering drops.Investors also gave a cool reaction to half-year results from Ocado after the online grocery company missed forecasts slightly and reported a decline in the average basket size.RisersHome Retail Group (HOME) 169.80p +4.62%Euromoney Institutional Investor (ERM) 1,195.00p +4.46%Clarkson (CKN) 2,719.00p +3.54%Daejan Holdings (DJAN) 5,825.00p +3.01%Telecom Plus (TEP) 993.00p +2.85%Fidessa Group (FDSA) 2,293.00p +2.83%Rathbone Brothers (RAT) 2,167.00p +2.65%Spire Healthcare Group (SPI) 331.80p +2.57%Crest Nicholson Holdings (CRST) 565.00p +2.54%Enterprise Inns (ETI) 126.30p +2.52%FallersVedanta Resources (VED) 515.50p -7.53%Northgate (NTG) 579.50p -6.31%Foxtons Group (FOXT) 233.40p -4.73%Kaz Minerals (KAZ) 203.80p -3.50%Lonmin (LMI) 112.70p -2.51%Acacia Mining (ACA) 304.30p -2.22%Jimmy Choo (CHOO) 158.00p -2.17%Hunting (HTG) 617.00p -2.06%Ashmore Group (ASHM) 290.80p -1.99%Ted Baker (TED) 2,930.00p -1.78%