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FTSE 250 movers: Wickes tumbles on DB downgrade; Hochschild shines
(Sharecast News) - London's FTSE 250 was down 0.7% at 21,929.31 in afternoon trade on Tuesday. Wickes tumbled after Deutsche Bank downgraded the stock to 'sell' from 'hold' and cut the price target to 195p from 205p as it took a more cautious view on the UK consumer.
"The end of 2024 and early 2025 are likely to have been the sweet spot with real wage growth set to slow and fear of unemployment set to build from here," the bank said.
"Our Household Cash Flow model shows discretionary spending lagging spending power and, unless consumers reduce savings, there will be a 4ppt slowdown in discretionary spend to +3% in 2H from +7% in 1H.
"Retail sales have been resilient into Q2 helped by warm weather although there is some variance by category."
DB said consumer confidence metrics remain subdued and its new "Fear Index" suggests things may be getting worse.
Hochschild Mining shone as gold prices hit a two-week high after US President Trump said he had fired Federal Reserve governor Lisa Cook based on allegations that she made false statements on mortgage agreements.
SP Angel said: "Gold has shown strength in recent months as Trump ramps up attacks on Fed Chair Powell and the Central Bank's independence.
"There is concern that increased influence over the Fed from the White House could cause wider market implications, likely a further sell-off in US Treasuries and increased dollar weakness."
FTSE 250 - Risers
International Workplace Group (IWG) 208.40p 3.37% Hochschild Mining (HOC) 310.60p 3.33% W.A.G Payment Solutions (WPS) 88.00p 2.56% Burberry Group (BRBY) 1,251.50p 2.33% Bridgepoint Group (Reg S) (BPT) 347.20p 2.00% Dr. Martens (DOCS) 92.60p 1.59% Energean (ENOG) 964.00p 1.58% B&M European Value Retail S.A. (DI) (BME) 243.60p 1.29% Morgan Advanced Materials (MGAM) 217.00p 1.17% Endeavour Mining (EDV) 2,580.00p 1.10%
FTSE 250 - Fallers
Wickes Group (WIX) 201.50p -8.62% WH Smith (SMWH) 688.00p -3.23% Close Brothers Group (CBG) 484.80p -3.23% Kier Group (KIE) 195.60p -3.17% SSP Group (SSPG) 158.20p -3.06% Baltic Classifieds Group (BCG) 329.00p -2.95% Bodycote (BOY) 631.50p -2.92% XPS Pensions Group (XPS) 356.50p -2.86% Computacenter (CCC) 2,320.00p -2.85% Crest Nicholson Holdings (CRST) 165.60p -2.65%
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