MARKET REPORT: Protein drink company boosts freshness rating

Shares of protein drink maker Applied Nutrition received a boost yesterday after analysts at Deutsche Bank said investors should “volume up” the stock.

The company, founded by Liverpool scaffolding builder Thomas Ryder, has been losing weight as it fell after its market debut in October. But Deutsche analysts gave it a boost.

The German bank, whose Numis UK business was the sponsor of Applied Nutrition’s bid, initiated the action with a “buy” rating and a target of 180p.

In its first ten years, Deutsche noted, the company grew rapidly by leveraging production and innovation capabilities.

And its focus on innovation is a clear differentiator, allowing it to grow ahead of the wider sports nutrition market, which is estimated to be worth globally at £189bn.

Having traded at 140p on October 24, the shares have been on a rollercoaster ride, hitting 150p on the first day but then falling as low as 135p before swinging yesterday to close up 0.7 per cent. cent, or 1 pence, to 136 pence.

AIM-listed Science in Sport, which was expecting a rerating based on Applied Nutrition’s float, was steady at 26.5p.

There was no gain for the FTSE 100, which closed down 0.3 per cent, or 23.60 points, at 8,335.81, although the FTSE 250 managed to gain 0.5 per cent, or 112.41 points, up to 21,005.15.

Broker comments supported British Airways owner IAG, up 4.1 per cent, or 10.7p, to 175.1p, as analysts at JP Morgan said it was its most compelling overweight in the airline sector and added the stock to the “analyst focus list.”

Elsewhere, soft drinks bottler Coca-Cola HBC added 1.3 percent, or 36 pence, to 2,854 pence after analysts at BNP Exane upgraded its rating to “outperform”, while packaging company Bunzl gained 0.3 per cent, or 10 pence, to 3,610 pence despite being downgraded to ‘hold’ by analysts from HSBC.

Legal & General led FTSE 100 gains, rising 6 per cent, or 13.4p, to 236.3 as the insurer maintained its full-year profit guidance and hinted at further returns for shareholders.

Meanwhile, Vistry had a dead cat bounce, gaining 4.9 per cent, or 30.5p, to 658.5p, even as the housebuilder’s demotion from the FTSE 100 was confirmed.

They will be joined on the FTSE 250 next month by retailers Frasers and B&M, and replaced by Games Workshop, wealth manager St James’ Place and investment fund Alliance Witan.

Victrex rose the most on the FTSE 250 – up 10 per cent, or 100p, to 1,104p – thanks to an upgrade to “buy” from analysts at Jefferies.

But the trade news weighed on Zigup, the former Redde Northgate corporate car rental group, which fell 12.9 per cent, or 49.5p, to 333.5p after a drop in profits and revenue. first semester.

Among small caps, Biome fell 14.3 per cent, or 0.75p, to 4.5p, as the bioplastics company warned of full-year profitability.

But miner Tungsten West rose 16.7 per cent, or 0.5p, to 3.5p after appointing Stephen Harrison as non-executive chairman.

And Fusion Antibodies gained 39.3 per cent, or 1.65p, to 5.85p after it emerged a grant application had been approved.