MARKET REPORT: The protein drink company has risen to a new level

Shares in protein drink maker Applied Nutrition were given a tonic yesterday after analysts at Deutsche Bank said they should ‘overweight’ the stock.

The company, which is owned by Liverpool founder Thomas Ryder, has lost weight as it has fallen to the bottom after it went public in October. But Deutsche analysts praised it.

The German bank, whose Numis UK business is the sponsor of the Applied Nutrition offering, started the fund with a ‘buy’ rating and a 180p target.

During its first ten years, Deutsche said, the company grew rapidly using innovation and innovation.

And its focus on innovation is very different and could grow ahead of the wider sports nutrition market, which is estimated to be worth £189 billion.

Having floated at 140p on October 24, the shares have been on a rollercoaster – hitting 150p on the first day but later falling to 135p before yesterday’s slide to close up 0.7 per cent , or 1p, higher than 136p.

AIM-listed Science in Sport, which expects to be re-rated on the Applied Food Grade, will hold on at 26.5p.

There was no rally for the FTSE 100, which closed 0.3 percent, or 23.60 points, lower at 8335.81 while the FTSE 250 managed to gain 0.5 percent, or 112.41, to 21,005.15.

Traders’ report supported British Airways leader IAG, which rose 4.1 per cent, or 10.7p, to 175.1p as analysts at JP Morgan said it was their strongest weight in aviation sector and adding stocks to the ‘analyst focus list’.

Elsewhere, drinks maker Coca-Cola HBC added 1.3 per cent, or 36p, to 2854p after analysts at BNP Exane upgraded its rating to ‘outperform’, on during the period deposit firm Bunzl gained 0.3 per cent, or 10p, to 3610p although it was reduced to 3610 p. ‘hold’ by analysts at HSBC.

Legal & General topped the FTSE 100, rising 6 per cent, or 13.4p, to 236.3 as the insurer maintained full-year profit guidance, and indicate higher dividends for shareholders.

Meanwhile, Vistry has fallen 4.9 per cent, or 30.5p, to 658.5p even as the housebuilder’s demotion from the FTSE 100 was confirmed.

The FTSE 250 will be joined next month by retailers Frasers and B&M, with Sports Workshop, property manager St James’ Place and investment trust Alliance Witan replacing them.

Victrex was the biggest gainer on the FTSE 250 – up 10 per cent, or 100p, to 1104p – thanks to an upgrade to ‘buy’ from analysts at Jefferies.

But the trading 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 in the first half.

Among small caps, Biome fell 14.3 per cent, or 0.75p, to the bioplastics industry’s 4.5p forecast for full-year profit.

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

And Fusion Antibodies gained 39.3 per cent, or 1.65p, to 5.85p after the merger reported that a grant application had been approved.