NMC RATING CUT

NMC Health plc received its first analyst downgrade after short seller Muddy Waters Capital LLC published a critical report on the hospital operator last December.

Societe Generale cut its rating to sell from buy and slashed its price target by 85 per cent, saying that confidence in the operator of the biggest medical network in the UAE is “broken” after recent issues around the possible misreporting of stakes.

Shares in NMC fell as much as 11 per cent yesterday and were among the worst performers in the UK’s benchmark FTSE 100 Index.