FTSE 250 movers: Afren plummets on looming dilution, Diploma higher on Kubo deal

Shares in Afren tumbled after the struggling oil and gas group proposed a debt-for-equity swap with creditors to address its funding needs and recapitalise . The company said it "will result in substantial dilution for existing shareholders", and if shareholders don't approve the plan, the company will have no choice but to initiate a sale.

Glaxosmithkline edged lower after selling half its stake in former South African associate Aspen Pharmacare for £0.57bn. Having sold 28.2m shares, at a price of 372 rand per share, GSK now holds a 6.2% stake in Aspen, South Africa's largest drug company.

Energy stocks declined on Friday morning, ahead of the Labour Party conference, during which Ed Miliband is expected to outline plans to cut energy prices if his party wins the General Election. Cairn Energy and Ophir Energy were both trading lower.

Meanwhile, Diploma topped the risers on news it had struck a deal to buy the Kubo Group for up to £39.9m in cash before acquisition costs. The company expects the deal to be immediately earnings accretive and will integrate the business into its seals division.

JD Wetherspoon was among the fallers on disappointing first-half profits and slowing sales in the second half. The news comes after the pub group announced plans for cheaper breakfast and free coffee in an effort to drive morning trade.

Risers
Diploma (DPLM) 812.00p +6.07%
Thomas Cook Group (TCG) 157.30p +5.85%
Jimmy Choo (CHOO) 172.00p +5.52%
Hellermanntyton Group (HTY) 354.30p +5.04%
St. Modwen Properties (SMP) 464.20p +5.02%
PayPoint (PAY) 859.00p +4.76%
esure Group (ESUR) 223.00p +4.74%
Home Retail Group (HOME) 180.50p +3.74%
Ted Baker (TED) 2,579.00p +3.62%
Jardine Lloyd Thompson Group (JLT) 1,036.00p +3.60%

Fallers
Afren (AFR) 4.53p -30.38%
Soco International (SIA) 144.60p -8.83%
Vedanta Resources (VED) 485.40p -7.98%
Hunting (HTG) 453.00p -5.98%
Cairn Energy (CNE) 152.00p -5.71%
Premier Oil (PMO) 129.50p -5.68%
Ophir Energy (OPHR) 118.50p -5.43%
Hikma Pharmaceuticals (HIK) 2,234.00p -5.14%
Kaz Minerals (KAZ) 197.10p -4.83%
Petrofac Ltd. (PFC) 824.50p -4.52%