FTSE 250 movers: Kaz Minerals surges, Evraz slumps

The FTSE 250 rose 0.59% to 17,863.91 points in Thursday afternoon trade.

Kaz Minerals was the biggest riser on London’s second tier index 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.

For the six months to the end of June, the copper miner said core profit rose to $115m from $88m in the same period last year. Pre-tax profit surged to $91m from $2m last year. Although revenue fell to $302m from $341m, cost of sales declined to $170m from $282m and administrative expenses dropped to $51m from $71m.

Thomas Cook also flew higher after announcing deal to outsource 3,000 hotel contracts to Australian online travel agent Webjet. Webjet’s European subsidiary, Sunhotels, will assume control of contracting and sourcing hotels for the British company’s so-called complementary business.

Thomas Cook said the deal will cut costs, helping the travel agent to move towards its target of increasing earnings before interest and tax by between £20m and £25m.

On the downside, Evraz shares slumped after the Russian steel miner reported a drop in half year revenue due to weaker steel prices.

For the six months ended 30 June, revenue decreased by 27.6% to $3,543m compared to the same period last year. The decline reflected a 29.5% year-on-year drop in revenue from sales of steel products, which account for 60.8% of the group’s total revenue. The average price of steel fell 23.7%.

Laird was on the back foot as Berenberg initiated coverage of the stock at ‘sell’ with a 230p price target following the company’s first-half results.

“After reporting a weak first half, with profit before tax missing estimates by between 30-40%, the market seems to have shrugged off what we saw as a profit warning.”

The bank said that in order to meet consensus numbers, Laird must deliver an “exceptional” second half, which it struggles to see happening given headwinds facing the industry and business.

FTSE 250 - Risers

Kaz Minerals (KAZ) 178.10p 8.80%
Thomas Cook Group (TCG) 65.90p 7.15%
Hochschild Mining (HOC) 310.30p 5.33%
Hays (HAS) 128.00p 4.75%
Clarkson (CKN) 2,246.00p 4.47%
ICAP (IAP) 478.20p 4.21%
Diploma (DPLM) 859.50p 3.80%
Ascential (ASCL) 258.10p 3.70%
CLS Holdings (CLI) 1,399.00p 3.63%
IMI (IMI) 1,088.00p 3.62%

FTSE 250 - Fallers

Evraz (EVR) 153.90p -10.99%
Laird (LRD) 298.60p -3.05%
Card Factory (CARD) 280.80p -3.01%
Rank Group (RNK) 218.40p -2.46%
BGEO Group (BGEO) 2,673.00p -2.41%
Indivior (INDV) 321.70p -1.74%
PZ Cussons (PZC) 340.90p -1.67%
Fidelity European Values (FEV) 177.10p -1.56%
The Renewables Infrastructure Group Limited (TRIG) 106.00p -1.49%
Kennedy Wilson Europe Real Estate (KWE) 957.00p -1.44%