FTSE 250 movers: Vedanta rallies but Lonmin slumps in tandem with platinum prices

London’s FTSE 250 was trading little changed at 1420 BST, up just 0.1% at 17,686.96.

Miner Vedanta Resources was the biggest gainer on the index, as investors took the chance to buy back into the stock following heavy falls in recent days. Vedanta was under pressure last week after it posted a drop in first-quarter earnings and revenue on the back of declining commodity prices.

It was also in the spotlight over the weekend following reports that a UK court case has been instigated on behalf of Zambian villagers who allege that the company’s copper mining operations polluted a water source and farmland.

Shares in Rotork pushed higher. Although the company posted a decline in interim revenue and pre-tax profit due to a slump in oil and gas prices, analysts at Societe Generale were confident it was on the right track, particularly as it has launched a cost-saving programme which should result in £8m savings, amounting to 1.3% of 2014 sales.

The company, which makes actuators for gearboxes and pneumatic instruments, also said it has reached a deal to acquire M&M International Srl, which is a unit of Spirax-Sarco Engineering, for €9.7m in cash.

Real estate investment true Redefine International was on the front foot after a board reshuffle. The company appointed Donald Grant as its new chief financial officer. In a short statement, the FTSE 250 group said Elisabeth Stheeman will step down from her role as independent non-executive director due to the emergence of a potential conflict of interest relating to another role.

On the downside, Lonmin shares slumped in tandem with platinum prices, which have been trading lower for over three weeks on oversupply concerns amid a lacklustre precious metals market.

Foxtons was in the red following a research note by Barclays. The bank, which rates the stock at ‘underweight’, said the company’s post-election recovery is likely to be patchy, particularly for Estate Agency, with a lack of available stock on the market.

Barclays said the changes to Stamp Duty on expensive properties may have a spill-over effect on overall volumes for Foxtons. It added that online estate agents pose a significant threat to commission rates across the industry.

“Foxtons has an unstinting belief that its fees – likely to be the highest in the market – are supported by a premium service that delivers superior net returns for its customers. Our view is that in a ‘commoditised’ London market, where visibility over prices (expressed in pounds per square feet) is high, online agents could start to demonstrate that they can deliver equivalent returns,” said Barclays.

Risers
Vedanta Resources (VED) 400.90p +4.84%
Man Group (EMG) 172.20p +3.30%
UDG Healthcare Public Limited Company (UDG) 513.50p +2.60%
Saga (SAGA) 211.30p +2.08%
Redefine International (RDI) 51.80p +1.97%
Renishaw (RSW) 2,139.00p +1.86%
AO World (AO.) 129.30p +1.73%
Synthomer (SYNT) 328.40p +1.67%
Essentra (ESNT) 941.50p +1.51%
Fidelity China Special Situations (FCSS) 134.50p +1.43%

Fallers
Lonmin (LMI) 45.50p -7.14%
Bank of Georgia Holdings (BGEO) 1,914.00p -4.16%
Euromoney Institutional Investor (ERM) 1,038.00p -3.71% results
Foxtons Group (FOXT) 245.70p -2.50%
Allied Minds (ALM) 460.00p -2.38%
Serco Group (SRP) 124.40p -1.97%
Genus (GNS) 1,410.00p -1.95%
Ladbrokes (LAD) 108.90p -1.63%
SIG (SHI) 206.10p -1.62%
Telecom Plus (TEP) 1,181.00p -1.50%