FTSE 250 movers: Drax sinks after power station setback

23rd Apr 2014 15:50

Shares in renewable energy provider Drax lost more than 13 per cent of their value on Wednesday, hit by the group's announcement that one of its power station units was no longer deemed eligible by the UK government for an investment contract.At the group's annual general meeting (AGM) later in the day, Drax told investors it did not understand the basis for the decision, "as nothing has changed as far as our plans are concerned" since the government initially pledged to grant investment for biomass-based two units at its North Yorkshire power station.Price comparison website Moneysupermarket.com was also lower after saying it has taken a hit from the British government's Funding for Lending scheme, reporting a flat start to the second quarter. The comparison website company said the scheme, under which ministers have provided funding to encourage banks to lend to home-buyers and businesses, reduced competition for savers' deposits, cutting the number of people buying savings products.Meanwhile, engineer Fenner was up after increasing its half year dividend payment despite posting a decline in both revenue and profit, which were both in line with its expectations. Communications technology group Spirent rose strongly after it reported strong revenue growth in the first quarter, helped by the recognition of delayed orders, and said that market conditions have improved from 2013. Petra Diamonds was also a notable climber after it reported a 55% climb in third quarter revenue, driven in part by a 15% jump in production, as well as the sale of a 29.6 carat blue diamond, which was sold for $25.6m. In the three-month period, production rose from 647,248 carats to 743,424 year-on-year, while revenue climbed from $105.7m to $163.9m. Westhouse Securities shifted its target price from 170p to 175p and retained its 'add' rating.FTSE 250 - RisersSpirent Communications (SPT) 102.70p +6.31%Fenner (FENR) 414.10p +6.18%Centamin (DI) (CEY) 54.90p +3.78%Petra Diamonds Ltd.(DI) (PDL) 155.90p +3.45%Merlin Entertainments (MERL) 363.40p +3.18%Thomas Cook Group (TCG) 178.10p +2.59%RPS Group (RPS) 312.70p +2.22%Ladbrokes (LAD) 136.60p +2.17%Ophir Energy (OPHR) 229.80p +2.13%Alent (ALNT) 315.30p +1.87%FTSE 250 - FallersDrax Group (DRX) 656.00p -13.28%Tullett Prebon (TLPR) 292.40p -6.31%Ocado Group (OCDO) 353.40p -5.51%Moneysupermarket.com Group (MONY) 178.60p -4.29%Balfour Beatty (BBY) 287.50p -4.10%Heritage Oil (HOIL) 257.80p -3.41%CSR (CSR) 649.50p -3.35%Berkeley Group Holdings (The) (BKG) 2,379.00p -3.06%Victrex plc (VCT) 1,935.00p -2.96%Man Group (EMG) 100.10p -2.91%NR