FTSE 250 movers: Jupiter hit by Citi downgrade; easyJet, Wizz take off
By Frank Prenesti
Date: Friday 01 Jul 2022
(Sharecast News) - The FTSE 250 was down 0.33% at 18,604.32 at 1420 BST.
In a day short of major equity news Citi downgraded Abrdn and Jupiter Fund Management to 'sell' from 'neutral' on Friday as it took a look at European asset managers.
"Markets have fallen and European traditionals have de-rated to 10x from 12-13x but we still see risks to the downside, given weak near term fundamentals (flows and earnings; Citi estimates are -9-11% below consensus) while self-help is largely played out," the bank said.
"We see downside risks for almost all names, but see the biggest risk of disappointment at Abrdn and Jupiter, both of which we downgrade to sell, while we downgrade DWS to neutral."
Citi also said it was opening "negative catalyst watches" on Ashmore amid weak performance trends, as well as Abrdn and Jupiter, due to weak flows and results.
The bank downgraded its stance on the sector to 'underweight'.
On the upside, budget airlines Wizz Air and easyJet were both flying higher on the back of weaker oil prices. Holiday giant TUI was also up.
FTSE 250 - Risers
Wizz Air Holdings (WIZZ) 1,865.00p 6.33%
ASOS (ASC) 882.00p 5.19%
Caledonia Investments (CLDN) 3,615.00p 4.33%
Discoverie Group (DSCV) 640.00p 3.23%
Carnival (CCL) 637.80p 2.94%
Babcock International Group (BAB) 317.00p 2.66%
Bank of Georgia Group (BGEO) 1,338.00p 2.45%
easyJet (EZJ) 375.50p 2.43%
TUI AG Reg Shs (DI) (TUI) 135.60p 2.38%
Virgin Money UK (VMUK) 133.60p 2.18%
FTSE 250 - Fallers
Bridgepoint Group (Reg S) (BPT) 227.20p -5.96%
Chrysalis Investments Limited NPV (CHRY) 99.10p -4.89%
Jupiter Fund Management (JUP) 141.30p -4.59%
Abrdn Private Equity Opportunities Trust (APEO) 446.00p -4.29%
HGCapital Trust (HGT) 318.50p -3.63%
XP Power Ltd. (DI) (XPP) 2,750.00p -3.51%
Centamin (DI) (CEY) 75.86p -3.39%
Baltic Classifieds Group (BCG) 126.00p -3.37%
Tullow Oil (TLW) 45.30p -3.33%
Plus500 Ltd (DI) (PLUS) 1,622.00p -3.05%
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