FTSE 250 movers: AZ Electronic Materials hit by downgrade

10th Dec 2012 15:52

Speciality chemicals producer AZ Electronic Materials was leading the fallers on the FTSE 250 after UBS cut its rating from 'buy' to 'neutral' on valuation grounds, removing the stock from its 'Pan-euro Midcap Key Call List'. Including Monday's over 5% decline (to 360.8p), the stock has still gained 50% in 2012. UBS said that following its strong performance, it has now closed the valuation gap compared with its UK speciality chemicals sector.Hedge fund manager Man Group jumped after announcing that CEO Peter Clarke is to retire at the end of February. He will be succeeded by Emmanuel Roman, currently the company's President and Chief Operating Officer.British TV decoder maker Pace slumped on rumours that it is in discussions with Google regarding the purchase of its Motorola Home business. The speculation was later confirmed by the company but shares were suspended from trade as the potential acquisition is being classed as a "reverse takeover".Ken McMeikan, the Chief Executive Officer of bakery and hot snacks retailer Greggs, is to leave the company for catering firm Brakes Group. Shares fell after the CEO of four years said that he would leave as soon as a successor could be found. Shore Capital cut its recommendation for the shares to 'hold' this morning.Oil and gas group Salamander Energy gained after has announcing that it has started drilling at its Bontang project in the North Kutei basin in Indonesia.Irn-Bru maker AG Barr edged higher after posting a 9% increase in revenue in the 18 weeks to the start of December and says it remains confident of delivering on full-year expectations. Gains were limited though after Numis downgraded its rating on the stock this morning to 'hold'.FTSE 250 - RisersCentamin (DI) (CEY) 55.05p +10.21%Man Group (EMG) 77.90p +5.77%Ruspetro (RPO) 87.80p +5.28%Petropavlovsk (POG) 336.50p +4.80%ITE Group (ITE) 231.40p +2.84%Lonmin (LMI) 272.10p +2.68%Elementis (ELM) 236.60p +2.56%Morgan Crucible Co (MGCR) 262.40p +2.54%Fenner (FENR) 396.40p +2.43%Genus (GNS) 1,395.00p +1.97%FTSE 250 - FallersAZ Electronic Materials SA (DI) (AZEM) 362.10p -4.79%Sports Direct International (SPD) 384.60p -3.61%Pace (PIC) 185.30p -3.39%Perform Group (PER) 367.50p -3.29%Shanks Group (SKS) 75.70p -3.01%New World Resources A Shares (NWR) 271.80p -2.93%Greggs (GRG) 474.70p -2.43%Hochschild Mining (HOC) 463.50p -2.42%Micro Focus International (MCRO) 547.00p -2.41%Redrow (RDW) 158.20p -2.35%BC