FTSE 250 movers: Sports Direct jumps, Shanks down after downgrade

16th Dec 2011 14:57

Sports clothing firm Sports Direct was the high riser of the day after announcing that it has withdrawn its offer for Blacks Leisure after the outdoor leisurewear and equipment chain put itself up for sale earlier this month. Sports Direct's decision to pull out of the transaction has, however, been greeted warmly by investors, perhaps betting it can now acquire Black's assets at bargain prices.Retailing peers Carpetright and JD Sports Fashion were also rising.Next in line were the miners as metals prices recover from their recent plunge. Speculation that the People's Bank of China could cut banks' reserve ratios this evening may be behind the strength in miners, according to some analysts. African Barrick Gold, Aquarius Platinum, Hoschschild Mining and Ferrexpo were all making decent gains.Foods group Premier Foods rose strongly after announcing last night that it is offloading four of its Irish brands - Chivers, Gateaux, McDonnells and Erin - to The Boyne Valley Group for €41.4m. "While the disposal of the Irish brands is neither as lucrative nor as pivotal as last week's exit from Brookes Avana, it still represents a further cash realisation and tidying-up exercise," said analyst Martin Deboo from Investec.Waste group Shanks was the heavy faller of the day after Goldman Sachs downgraded the stock from buy to neutral.Drax fell nearly 4% joining the broader electricity sector in the red. Nomura reiterated its 'reduce' rating on coal-fired power station operator Drax today, saying that while the shares are pricing in an optimistic scenario from the firm's proposed biomass conversion, "key near-term share price drivers are likely to disappoint". Africa-focused oil and gas group Ophir Energy was in demand on rumours that it is in discussions with Ophir regarding a farm-in agreement at Ophir's Tanzanian acreage.FTSE 250 - RisersSports Direct International (SPD) 211.10p +11.11%Carpetright (CPR) 513.50p +7.54%JD Sports Fashion (JD.) 604.50p +6.05%African Barrick Gold (ABG) 465.70p +5.67%Ashtead Group (AHT) 209.20p +4.91%Premier Foods (PFD) 5.97p +4.37%Hochschild Mining (HOC) 402.10p +4.12%Aquarius Platinum Ltd. (AQP) 159.50p +4.11%Pace (PIC) 75.40p +3.64%Ophir Energy (OPHR) 263.00p +3.54%FTSE 250 - FallersShanks Group (SKS) 95.00p -6.40%New World Resources A Shares (NWR) 420.00p -5.28%Regus (RGU) 79.15p -4.64%Micro Focus International (MCRO) 365.60p -4.54%Kesa Electricals (KESA) 62.30p -4.52%Rank Group (RNK) 124.00p -4.10%Logica (LOG) 59.50p -3.95%Drax Group (DRX) 524.00p -3.94%Britvic (BVIC) 303.50p -3.28%Exillon Energy (EXI) 231.20p -3.26%