FTSE 250 movers: Kaz Minerals surges again; Evraz slumps

London’s FTSE 250 index was down 0.1% to 17,858.02 in afternoon trading, with volumes low as many traders were away from their desks for the summer holidays.

Russian steel miner Evraz was under the cosh again on Friday after saying in the previous session that half-year revenue fell due to weak steel prices and low demand, although it remained “cautiously optimistic” about the second half.

For the six months ended 30 June, revenue decreased by 27.6% to $3.54bn, compared to the same period last year.

On the upside, Kaz Minerals racked up stellar gains for the second day running as Credit Suisse upgraded the stock to ‘outperform’ from ‘neutral’ saying development risks are receding following the first-half results.

“Our concerns around KAZ have centred around execution risks at the two main growth projects and funding risks due to high levels of debt. Both are diminishing in our view and, alongside better than expected earnings we upgrade to outperform.”

CS said it remains cautious on copper prices over the next 12 months but pointed out that a third of KAZ revenues are from gold/silver/zinc, cash costs are low and copper production is set to double in the next two years.

On Thursday, KAZ shares surged after it reported a rise in first-half earnings and said its new Bozshakol project is on track for commercial output in the second half.

William Hill was also on the front foot after Rank and 888 Holdings abandoned their bid for the bookmaker late on Thursday.

Investors were encouraged by a statement from William Hill, in which it said it now expects operating profit for 2016 to be at the top end of the previously guided range of £260m to £280m.

Rank and 888 put out a statement saying they were abandoning their bid as it had not been possible to "meaningfully engage" with William Hill’s board.

Risers

Kaz Minerals (KAZ) 196.90p 9.39%
William Hill (WMH) 315.80p 4.19%
esure Group (ESUR) 265.10p 3.27%
Amec Foster Wheeler (AMFW) 557.00p 3.05%
Hochschild Mining (HOC) 317.50p 2.72%
Diploma (DPLM) 886.50p 2.37%
PayPoint (PAY) 1,002.00p 2.35%
Rotork (ROR) 210.10p 2.29%
Metro Bank (MTRO) 2,387.00p 2.23%
NMC Health (NMC) 1,299.00p 2.20%

Fallers

Evraz (EVR) 149.50p -2.61%
Ibstock (IBST) 168.40p -2.38%
JRP Group (JRP) 86.95p -2.30%
International Personal Finance (IPF) 269.50p -2.28%
Fidessa Group (FDSA) 2,506.00p -2.15%
Aldermore Group (ALD) 130.40p -1.95%
Close Brothers Group (CBG) 1,337.00p -1.69%
Drax Group (DRX) 304.30p -1.68%
Pets at Home Group (PETS) 246.90p -1.59%
Tullow Oil (TLW) 235.80p -1.59%