FTSE 250 Movers: CSR soars into first place

12th Dec 2011 16:03

Wireless technology and computer chip company CSR roared higher after announcing that it will be discontinuing investment in the areas of digital television systems-on-a-chip and silicon tuners. CSR expects to realise, on an annualised basis, $60m of operating cost reductions as a result of these changes and other efficiency savings, and to incur an incremental $10m of restructuring costs by the end of the second quarter of 2012.Also on the up was baby and toddler products vendor Mothercare on the back of bid speculation. Private equity groups are said to be sniffing around the company, which is having a tough time of it in the UK, although the overseas operations seem to be doing fine. The company slumped into the red at the half-year stage, and the shares have lost almost three-quarters of their value over the last year. Meanwhile, Aquarius Platinum fell heavily despite making progress on its indigenisation plan. The firm signed a Deed of Trust which incorporates the Zvishavane Community Share Ownership Trust, as part of its ongoing negotiations between its indirect 50% subsidiary Mimosa and the Zimbabwean Government. African Barrick Gold wasn't far behind after it agreed with the government of Tanzania to increase the amount of royalty it pays on exported gold from 3% to 4%. The firm, which owns four mines in Africa, said that it will also pay the royalty using a new revenue formula, which accounts for the fross sale value of gold transported abroad. PZ Cussons was gaining ground after Investec reitered its hold rating and 307p target on the stock. Thomas Cook, which is soon to be down-graded off the FTSE 250, also clawed back some of its share price on speculation that it will take the step of closing 200 of its travel shops and slash 1,000 jobs as part of its full-year results, set to be unveiled on Wednesday. FTSE 250 - RisersCSR (CSR) 185.00p +10.91%Mothercare (MTC) 169.20p +5.35%Gem Diamonds Ltd. (DI) (GEMD) 189.00p +4.83%Daejan Holdings (DJAN) 2,792.00p +2.46%Synergy Health (SYR) 846.50p +2.11%Cable & Wireless Worldwide (CW.) 17.69p +1.84%Allied Gold Mining (ALD) 169.50p +1.80%PZ Cussons (PZC) 318.30p +1.60%BH Global Ltd. USD Shares (BHGU) 11.82 +1.03%Thomas Cook Group (TCG) 15.31p +0.92%FTSE 250 - FallersInternational Personal Finance (IPF) 189.80p -7.01%Aquarius Platinum Ltd. (AQP) 163.20p -6.74%African Barrick Gold (ABG) 475.10p -6.66%Domino Printing Sciences (DNO) 460.60p -6.46%Ferrexpo (FXPO) 270.20p -6.12%Afren (AFR) 79.55p -5.80%Pace (PIC) 67.70p -5.71%Petropavlovsk (POG) 646.50p -5.69%Spirent Communications (SPT) 113.10p -5.67%Fidelity China Special Situations (FCSS) 74.75p -5.14%NR