FTSE 250 movers: IWG boosted by upgrade, leisure stocks up

Mon 19 Oct 2020

LONDON (SHARECAST) - (Sharecast News) - London's FTSE 250 was up 0.3% at 17,879.75 in afternoon trade on Monday.
Workspace provider IWG surged after Berenberg upgraded its stance on the shares to 'buy' from 'hold', lifting the price target to 350p from 260p as it said the risk/reward investment case is now skewed materially to the upside.

"Given an impressively resilient H1 performance, announced cost savings, and the roll-off of a variety of one-off costs in this year's P&L, we now believe that the company will be able to recover to pre-pandemic levels of profitability as soon as 2021," Berenberg said.

"Beyond this, we see a number of potential positive catalysts over the next 12 months: major enterprise contract announcements, M&A/ site takeovers from struggling peers, and master-franchise sales (as in Japan)."

Elsewhere, hospitality, leisure and travel shares that took a hit last week on worries about Covid and related restrictions recovered, with Cineworld, Mitchells & Butlers, Carnival, Wetherspoons and TUI all higher.

FTSE 250 - Risers

IWG (IWG) 275.40p 5.28%
Cineworld Group (CINE) 25.95p 4.81%
Provident Financial (PFG) 209.00p 4.55%
Mitchells & Butlers (MAB) 137.40p 4.09%
FDM Group (Holdings) (FDM) 1,032.00p 3.20%
Fidelity China Special Situations (FCSS) 375.00p 3.02%
Carnival (CCL) 934.00p 3.00%
St. Modwen Properties (SMP) 326.50p 3.00%
Wetherspoon (J.D.) (JDW) 795.50p 2.84%
TUI AG Reg Shs (DI) (TUI) 282.90p 2.76%

FTSE 250 - Fallers

Rank Group (RNK) 87.60p -3.74%
Vivo Energy (VVO) 73.80p -3.53%
FirstGroup (FGP) 47.18p -3.24%
ITV (ITV) 71.48p -3.17%
Bodycote (BOY) 655.50p -3.10%
Vesuvius (VSVS) 398.80p -2.97%
Greencore Group (GNC) 93.30p -2.86%
Caledonia Investments (CLDN) 2,575.00p -2.65%
Serco Group (SRP) 134.40p -2.61%
Coats Group (COA) 56.40p -2.42%
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