FTSE 250 movers: IWG surges on takeover approach; miners gain

London’s FTSE 250 index was up 0.4% to 20,564.09 in afternoon trade on Wednesday, hitting a fresh high in thin volumes as deal news provided some much-needed momentum.

Flexible office space provider IWG rocketed as it noted recent press speculation and confirmed that it has received an indicative proposal from funds managed by affiliates of Brookfield Asset Management, Inc. and Onex Corporation regarding a possible cash offer for the company.

“There can be no certainty that any offer will be made for the company, nor as to the terms on which any offer might be made,” it said.

Kaz Minerals was on the front foot as copper prices hit a three-and-half year high amid news that Jiangxi Copper, the largest Chinese producer, has been told to halt production for at least a week before further assessment to combat pollution levels. Prices were also underpinned by expectations of strong demand from China next year.

Meanwhile, precious gold miners Acacia Mining and Polymetal advanced as gold prices edged up.

Risers

IWG (IWG) 258.97p 29.36%
Provident Financial (PFG) 911.50p 2.99%
Ascential (ASCL) 378.60p 2.85%
Kaz Minerals (KAZ) 838.00p 2.76%
Acacia Mining (ACA) 195.00p 2.69%
Vectura Group (VEC) 108.00p 2.47%
Investec (INVP) 540.50p 2.46%
Ocado Group (OCDO) 370.30p 2.38%
Polymetal International (POLY) 907.00p 2.31%
Greencore Group (GNC) 227.60p 2.29%

Fallers

RPC Group (RPC) 866.50p -2.75%
Sirius Minerals (SXX) 23.01p -2.25%
Fidessa Group (FDSA) 2,538.00p -1.89%
Dignity (DTY) 1,766.00p -1.83%
Stagecoach Group (SGC) 163.20p -1.63%
Saga (SAGA) 121.90p -1.53%
Pagegroup (PAGE) 463.70p -1.51%
Pershing Square Holdings Ltd NPV (PSH) 1,022.00p -1.45%
Drax Group (DRX) 266.90p -1.44%
Meggitt (MGGT) 483.00p -1.43%