Dechra Pharmaceuticals topped the FTSE 100 risers’ board after a City bank turned bullish on the Cheshire-based veterinary healthcare company. Royal Bank of Canada sent its shares up 182p, or 5.3 per cent, to £36.16 after lifting its recommendation from “sector perform” to “outperform”. The analysts reckon demand will remain high for Dechra’s products thanks to an increase in pet ownership.
Historically, [it] has remained resilient in times of stress, and remained on trend over the 2008-09 recession, outperforming its peers,” Zoe Karamanoli, an analyst at the bank, said. “Therefore … we believe its revenue is defensive in periods of consumer downturn.” She added that Dechra’s shares, which have fallen significantly this year compared with its rivals, offer an attractive entry point for investors.