FTSE 250 movers: Bumi rises on debt payment plan reports
Tue 02 Oct 2012
LONDON (SHARECAST) - Bumi rose on reports that the Jakarta-based miner, PT Bumi Resources, in which it owns 29 per cent, is to raise cash by selling non-core assets, to quickly pay down debt. Bumi, founded by Nathaniel Rothschild, revealed on September 24th that it had begun investigating “potential financial and other irregularities” in the Indonesian miner.
Bank of Georgia Holdings is now leading the falls on the FTSE 350 following the surprise upset at today's Presidential elections in Georgia by the Georgian Dream Party, led by Mr. Ivanishvili. Nevertheless, write analysts at Seymour Pierce today: "At the current price the shares trade on just 5.3 times estimated fiscal year 2012 earnings and 1.2 times price-to-tangible book value. We understand that investors may want further reassurance but we believe that the shares at these price levels represent a buying opportunity."
Meanwhile, paper and packaging group Mondi has, alongside Svenska Cellulosa Aktiebolaget, sold their 100% interest in Kent-based Aylesford Newsprint to an independent private equity firm at a loss.
FTSE 250 - Risers
Bumi (BUMI) 161.20p +7.61%
Bwin.party Digital Entertainment (BPTY) 109.70p +4.58%
CSR (CSR) 336.70p +3.76%
Talvivaara Mining Company (TALV) 154.40p +3.69%
Telecom Plus (TEP) 850.00p +3.53%
PayPoint (PAY) 755.00p +3.14%
Berendsen (BRSN) 566.50p +3.00%
Rightmove (RMV) 1,624.00p +2.98%
Devro (DVO) 338.30p +2.89%
Unite Group (UTG) 270.00p +2.82%
FTSE 250 - Fallers
Bank of Georgia Holdings (BGEO) 1,186.00p -7.20%
IP Group (IPO) 118.20p -3.59%
NMC Health (NMC) 190.00p -2.91%
Hunting (HTG) 830.00p -2.41%
Petra Diamonds Ltd.(DI) (PDL) 117.20p -2.33%
Jupiter Fund Management (JUP) 248.70p -2.16%
Daejan Holdings (DJAN) 2,885.00p -1.67%
Kentz Corporation Ltd. (KENZ) 429.70p -1.63%
RPS Group (RPS) 251.00p -1.57%
Diploma (DPLM) 476.10p -1.49%
LONDON (SHARECAST) - Bumi rose on reports that the Jakarta-based miner, PT Bumi Resources, in which it owns 29 per cent, is to raise cash by selling non-core assets, to quickly pay down debt. Bumi, founded by Nathaniel Rothschild, revealed on September 24th that it had begun investigating “potential financial and other irregularities” in the Indonesian miner.
