FTSE 250 movers: New World Resources bounces off record low

21st Jun 2013 14:38

It's been a rough ride for Europe-based hard coal and coke producer New World Resources (NWR), but the stock rebounded strongly on Friday, leading the risers on the FTSE 250 index after hitting a record low the day before. While mining stocks bore the brunt of the dramatic sell-off seen across global equity markets on Thursday, NWR was a standout faller, dropping a whopping 18 per cent to finish at an all-time worst closing price of 65.6p, extending its year-to-date decline to over 80 per cent. NWR, which listed in London at 1,325p, has been hit hard by the deterioration of global coking coal markets since mid-2011 and has started the process of divesting its coke operation, OKK, as well as a number of other disposals. Selling pressure on the shares increased yesterday after Bank of America Merrill Lynch cut its target price to just 19p on the back of lower forecasts for coking coal and economic growth.Telecoms group TalkTalk was among the worst performers today after analysts at Citigroup said that sector giant BT could steal away broadband customers with its new deal for free sports channels.Retail peers Dixons Retail and Ted Baker were performing well today, rising strongly after both companies reported better-than-expected results yesterday. Sector peers Dunelm and N Brown however were out of favour.Imagination Technologies was a high riser as it attempted to claw its way back after a steep drop earlier in the week after its full-year results. The processor technology group on Wednesday revealed a decline in annual profits due to a sharp increase in operating expenses (opex), though management assured that a number of substantial investments have built a "strong platform for growth".FTSE 250 - RisersNew World Resources A Shares (NWR) 73.00p +11.28%Rank Group (RNK) 160.50p +5.59%Imagination Technologies Group (IMG) 322.60p +5.29%ICAP (IAP) 383.60p +5.01%Dixons Retail (DXNS) 43.51p +3.60%African Barrick Gold (ABG) 122.20p +3.56%Telecity Group (TCY) 990.00p +3.50%Mitchells & Butlers (MAB) 377.20p +3.46%NMC Health (NMC) 295.00p +3.00%Ted Baker (TED) 1,744.00p +2.59%FTSE 250 - FallersInchcape (INCH) 468.00p -8.86%TalkTalk Telecom Group (TALK) 220.00p -6.34%Hochschild Mining (HOC) 183.40p -4.18%Petropavlovsk (POG) 125.90p -3.23%Dunelm Group (DNLM) 867.50p -3.07%Essar Energy (ESSR) 118.20p -2.15%Brown (N.) Group (BWNG) 436.50p -2.00%Devro (DVO) 303.10p -1.97%Marston's (MARS) 143.80p -1.91%888 Holdings (888) 147.10p -1.80%