FTSE 250 movers: Afren rebounds on payment deferral, energy stocks track crude prices higher

Shares in struggling oil group Afren rebounded strongly, up 58%, though were still well below levels seen at the start of the year. After saying that it was in need of immediate funding, the company announced over the weekend that lenders had allowed it to defer a $50m payment due on its debt by a month. Afren also said it would delay a $15m bond coupon payment.

Energy stocks such as Premier Oil, Nostrum Oil & Gas and Ophir Energy were making decent gains after the recent rebound in crude. Crude surged as much as 8% on Friday, rebounding from a six-year low, after data from Baker Hughes showed that the number of US rigs drilling for oil dropped by 94, or 7%, last week.

RPS Group was also among the risers after revealing on Monday that it expected to fall at the top end of market expectations for the year ending 31 December 2014. The group has recently agreed two further acquisitions, one of which is likely to be completed before 2015’s results are published.

Retailers and Insurers were lower with Saga, Just Retirement Group, Game Digital and Poundland all trading in the red.

Risers
Afren (AFR) 9.90p +86.79%
Premier Oil (PMO) 155.90p +7.81%
RPS Group (RPS) 192.90p +5.76%
Hunting (HTG) 420.00p +5.61%
Wood Group (John) (WG.) 599.50p +4.99%
Soco International (SIA) 275.70p +4.75%
Pets at Home Group (PETS) 225.10p +3.97%
Big Yellow Group (BYG) 635.00p +3.93%
Redefine International (RDI) 56.40p +3.77%
Vedanta Resources (VED) 387.30p +3.72%

Fallers
Oxford Instruments (OXIG) 692.00p -7.05%
Nostrum Oil & Gas (NOG) 587.00p -6.38%
Card Factory (CARD) 262.70p -4.47%
Northgate (NTG) 594.50p -3.49%
Howden Joinery Group (HWDN) 410.40p -3.41%
WH Smith (SMWH) 1,306.00p -3.26%
Poundland Group (PLND) 341.90p -3.20%
Pennon Group (PNN) 861.00p -3.10%
Wetherspoon (J.D.) (JDW) 768.00p -2.91%
Homeserve (HSV) 328.00p -2.79%