FTSE 250 movers: Heritage Oil in top spot on drilling resutls

3rd Apr 2012 15:46

Oil and gas group Heritage Oil was in the top spot among FTSE 250 stocks on the back of a successful drilling result at its Miran West-3 well in the Kurdistan Region of Iraq. Cairn Energy was also wanted after revealing it is splashing out $450m dollars on Agora Oil & Gas, a firm with North Sea interests and owned by Lord Rothschild's investment trust, RIT Capital Partners. Meanwhile, mining titan Xstrata has sold a majority interest in its Chilean hydroelectric development company to Origin Energy. Meanwhile, investment trust Alliance Trust has given a feisty response to activist investor Laxey Partners' renewed attempt at telling the board how to run the company. Hedge fund Laxey, which owns 1.7% of Alliance Trust, has called for a number of changes, including the outsourcing of investment management, higher dividends and the opportunity for shareholders to sell their shares to the company at price closer to net asset value per share than the stock is currently trading in the market. Alliance has responded by accusing Laxey of wasting the board's time and being motivated by short-term self-interest rather than the medium and long-term interests of the wider shareholder base.FTSE 250 - RisersHeritage Oil (HOIL) 155.20p +12.46%Salamander Energy (SMDR) 235.00p +4.68%Cairn Energy (CNE) 333.50p +4.09%Home Retail Group (HOME) 116.70p +3.46%Afren (AFR) 141.20p +3.07%Kenmare Resources (KMR) 52.30p +2.95%Premier Oil (PMO) 403.30p +2.80%Essar Energy (ESSR) 162.00p +2.66%Ruspetro (RPO) 231.00p +2.08%New World Resources A Shares (NWR) 441.90p +2.06%FTSE 250 - FallersSpirit Pub Company (SPRT) 60.00p -4.38%Exillon Energy (EXI) 161.10p -4.11%Brewin Dolphin Holdings (BRW) 168.80p -3.27%Kentz Corporation Ltd. (KENZ) 472.60p -3.06%Ophir Energy (OPHR) 509.50p -2.95%Redrow (RDW) 126.10p -2.25%Diploma (DPLM) 442.90p -2.23%Avocet Mining (AVM) 184.80p -2.07%Restaurant Group (RTN) 295.40p -1.89%Grainger (GRI) 102.60p -1.82%NR