FTSE 250 movers: Petropavlovsk rises on plans for cash savings

13th May 2013 15:54

Petropavlovsk plans to make cash savings and cost cuts in response to volatility in gold prices. The Russia-focused miner said it has approved adjustments to its business plan this year, including estimated cash savings of 160m dollars to strengthen its financial position against falling commodity prices. Platinum producer Lonmin tripled its first half pre-tax profit driven by better-than-expected production volumes and higher platinum prices. Pre-tax profit for the first half of the year came to $54m compared to $18m a year earlier. Operating profit rose to $90m from $14m.Ocado continued lower after Panmure rated the stock as a sell, saying it expects further underperformance by the retailer versus its multi-channel competitors. FTSE 250 - RisersRegus (RGU) 177.80p +4.59%St. Modwen Properties (SMP) 307.50p +3.57%Lonmin (LMI) 287.60p +3.16%Petropavlovsk (POG) 150.40p +2.94%Renishaw (RSW) 1,770.00p +2.91%QinetiQ Group (QQ.) 193.80p +2.59%Ophir Energy (OPHR) 398.00p +2.26%Heritage Oil (HOIL) 127.80p +2.24%Mitchells & Butlers (MAB) 363.00p +2.08%Imagination Technologies Group (IMG) 312.10p +1.99%FTSE 250 - FallersOcado Group (OCDO) 208.30p -7.26%New World Resources A Shares (NWR) 144.00p -5.88%Carpetright (CPR) 641.00p -3.61%Barratt Developments (BDEV) 314.00p -2.88%Diploma (DPLM) 583.00p -2.75%Elementis (ELM) 247.50p -2.67%Rank Group (RNK) 161.80p -2.53%Hochschild Mining (HOC) 255.60p -2.52%Keller Group (KLR) 864.50p -2.48%Carillion (CLLN) 270.20p -2.45%NR