FTSE 250 movers: Lonmin rises despite counting cost of stikes
Mon 17 Sep 2012
LONDON (SHARECAST) - Global platinum powerhouse Lonmin was up despite revealing that the strikes at its mines in South Africa have reduced full year production expectations and increased unit costs as violence continues. On the other hand, the most recent reports indicate that at least some of its workers are now ready to moderate their wage demands, to 11,000 Rand per month, Bloomberg TV is reporting.
Aquarius Platinum was also on the rise after saying that mining operations have resumed at its Kroondal platinum mine near the city of Rustenburg in South Africa.
Cable&Wireless Communications has received an approach from Batelco Group regarding its Monaco&Islands unit.
Elsewhere in the resource sector, oil and gas company Ophir Energy disappointed the market with an update on its drilling programme in block R, Equatorial Guinea. These were better than expected, but share price reaction suggests investors beg to differ.
Imagination Technologies is off after analysts at UBS downgraded its shares to sell from neutral.
Evraz is being dragged lower by profit-taking after economists at Citi last night cut their forecasts for China´s GDP growth next year. Also weighing on its shares, the poor guidance provided this morning by Swedish steel maker SSAB.