FTSE 250 movers: Telecity jumps 20% on £2.3bn Equinix offer

Despite posting some slightly disappointing first-quarter results, datacentres group Telecity was leading the risers on the FTSE 250 after receiving a takeover offer from Equinix at 1,145p per share in cash and equity. This bid, at a 27% premium to the closing price on Wednesday, values Telecity at £2.32bn, helping to lift shares 20% in afternoon trade.

Oil stocks were leading the fallers as crude prices weakened, with Tullow Oil, Soco International, Petrofac, Premier Oil and Hunting all dropping between 4-7%.

Miners also dipped as risk appetite waned, with Lonmin, Acacia Mining, Kaz Minerals and Vedanta among the worst performers.

Shares in British engineering company IMI fell sharply after it reported a 4% drop in first-quarter organic revenue, partly as a result of sterling strength against the euro.

First-quarter profits slipped 5% at hotels group Millenium & Copthorne. The company argued trading was in line with historically slower trading patterns, but shares were in the red.

Ladbrokes edged lower on the news that its chairman Peter Erskine has stepped down, five months after chief executive Richard Glynn left the bookmaker.

Insurers Beazley and Esure rose after both companies impressed with a 6% rise in premiums for their first quarters. Beazley was given an extra boost by Numis Securities which upgraded its stance on the stock from 'hold' to 'add'.

FTSE 250 - Risers

Telecity Group (TCY) 1,080.00p +20.07%
Diploma (DPLM) 802.00p +5.74%
Genus (GNS) 1,335.00p +4.79%
Just Eat (JE.) 499.90p +4.76%
Man Group (EMG) 179.10p +3.59%
PayPoint (PAY) 825.50p +3.25%
Premier Farnell (PFL) 195.00p +2.90%
TalkTalk Telecom Group (TALK) 372.80p +2.64%
Moneysupermarket.com Group (MONY) 291.00p +2.54%
Betfair Group (BET) 2,381.00p +2.54%

FTSE 250 - Fallers
Tullow Oil (TLW) 401.00p -6.68%
Petrofac Ltd. (PFC) 832.00p -6.09%
Soco International (SIA) 185.80p -6.02%
Premier Oil (PMO) 175.00p -5.35%
Lonmin (LMI) 142.90p -5.30%
Acacia Mining (ACA) 287.00p -5.22%
Kaz Minerals (KAZ) 246.70p -4.86%
Allied Minds (ALM) 590.00p -4.84%
Vedanta Resources (VED) 634.50p -4.59%
Hunting (HTG) 585.00p -4.49%