FTSE 250 movers: Bumi leaps on Bakrie offer

11th Oct 2012 16:08

Shares in Indonesia-focused mining giant Bumi leapt after major shareholder, the Bakrie Group, tabled an offer that could end their turbulent relationship. Bakrie wants to swap its stake in the group for a stake of equivalent value in Bumi Resources. The group has been the subject of a board room battle between the influential Bakrie family and blue-blooded London financier Nat Rothschild. The shares shot up on hopes that the complicated cross-holdings situation at the firm would be simplified by the new proposals. Packaging firm DS Smith said its purchase of SCA Packaging was expected to deliver a return on investment above the cost of capital this financial year, together with substantial earnings enhancement. Kenmare Resources fell into the bottom spot after it said its markets remained weak but that it was confident of a pick up in the medium term. The firm said output from its mining operations improved in the third quarter with 229,100 tonnes of heavy mineral concentrate produced, a 16% increase on the second quarter. Greggs, the hot pastry-based snack dispenser of choice for British politicians seeking a photo-opportunity, left a sour taste after it said LFL sales will remain negative in the final quarter of 2012. LFL sales fell 2.6% year-on-year in the 14 weeks to October 6th as consumers continued to tighten their purse strings. Also heading south was WH Smith, with the share price falling in recognition of how well Chief Executive Kate Swann, who is soon to depart, has maximised returns from what was considered at the onset of her stewardship a cash cow with little growth potential. She will leave the company on June 30th 2013 after nine years as boss and will be replaced by Steve Clarke, Managing Director of the firm's high street business. FTSE 250 - RisersBumi (BUMI) 257.60p +38.72%Home Retail Group (HOME) 105.70p +7.09%Premier Oil (PMO) 374.10p +5.62%Essar Energy (ESSR) 128.90p +5.48%Ruspetro (RPO) 107.00p +4.59%Pace (PIC) 167.30p +4.56%Centamin (DI) (CEY) 100.90p +4.24%Smith (DS) (SMDS) 197.20p +3.79%Stobart Group Ltd. (STOB) 116.50p +3.56%Rank Group (RNK) 153.90p +3.43%FTSE 250 - FallersKenmare Resources (KMR) 36.36p -5.68%Man Group (EMG) 89.20p -4.50%Greggs (GRG) 498.00p -3.58%WH Smith (SMWH) 632.50p -2.99%Diploma (DPLM) 463.00p -2.55%Fenner (FENR) 370.70p -2.45%Savills (SVS) 392.50p -1.92%Dixons Retail (DXNS) 21.29p -1.84%Euromoney Institutional Investor (ERM) 764.50p -1.61%Lonmin (LMI) 490.80p -1.58%NR