FTSE 250 movers: Tullett Prebon leads market to higher weekly close

The FTSE 250 was set to end the week on a high, with the second tier market up 226.12 points (1.40%) to 16,422.67 by mid-afternoon on Friday.

Shares in Tullett Prebon surged after it said market activity in the last two months of 2015 was higher than experienced in the same period a year earlier.

It said the increased level of activity experienced throughout the year in the oil and related products markets continued, with market volumes in equity products also picking up relative to the prior year. "The performance of PVM Oil Associates and its subsidiaries, which was acquired in November 2014, continues to be strong", the company's board said in a statement. "PVM's main activities are in crude oil and petroleum products, and the business has continued to benefit from the pick-up in the level of activity in the oil and related products markets, reflecting the significant changes in the oil price experienced since the start of the second half of 2014", it added.

Tullett Prebon said revenue in the two months of November and December was £125m, 14% higher than reported a year earlier, while full-year revenue of £796m in 2015 was 13% higher than the £704m reported in 2014.

Vedanta Resources shares jumped despite third quarter earnings that halved, after earnings from oil and gas plummeted.

Group EBITDA was down 51% from $1.015bn (£706.7m) to $493.6m, and earnings from oil and gas were down substantially, dropping from $346m to $95.5, while the division’s revenue dropped from $565m to $307.8m. Group revenue also fell from $3.36bn to $2.44bn.

"In the weak commodity price environment, we remain committed to optimising our operations, leveraging our high quality asset base, and proactively managing our balance sheet,” said Vedanta Resources chief executive Tom Albanese. “I am encouraged to see the positive results of our cost reduction programme gaining momentum, and believe that this relentless focus on efficiency will not only make our business more resilient through the cycle but position us favourably for any future improvement in market conditions.”

Investec also featured on the risers list after South Africa’s central bank raised interest rates for the second time in two months yesterday. The monetary authority also cut its forecast for growth as it tries to offset inflationary pressures from the weakening currency by tightening policy.

It came just over a month after President Jacob Zuma replaced his finance minister twice – first with a relatively unknown and inexperienced person and second with previous finance minister Pravin Gordhan.

Of the few fallers, Home Retail Group was the biggest casualty after a report in the Financial Times that Sainsbury's acquisition of the company had stalled.

A wide gap in the two sides' valuation of Home Retail shares was said to be the divisive issue. Nonetheless, the FT cited sources who said talks were still ongoing and a break-through was still possible before the 1700 GMT cut-off point on 2 February. Sainsbury has said it was not willing to stump up more than approximately 170p per share, one of the sources said.

FTSE 250 - Risers

Tullett Prebon (TLPR) 337.20p 7.01%
Smith (DS) (SMDS) 365.90p 6.65%
Dairy Crest Group (DCG) 647.50p 5.54%
NMC Health (NMC) 942.00p 5.43%
Tullow Oil (TLW) 171.80p 5.08%
Grafton Group Units (GFTU) 703.50p 4.84%
Vedanta Resources (VED) 247.00p 4.75%
BGEO Group (BGEO) 1,773.00p 4.48%
Investec (INVP) 444.30p 4.30%
Rightmove (RMV) 3,918.00p 4.17%

FTSE 250 - Fallers

Home Retail Group (HOME) 137.90p -3.23%
Electrocomponents (ECM) 205.10p -1.87%
AO World (AO.) 149.90p -1.70%
Zoopla Property Group (WI) (ZPLA) 211.70p -1.40%
Aggreko (AGK) 846.00p -1.17%
Lookers (LOOK) 156.40p -1.14%
Indivior (INDV) 153.00p -1.10%
Ocado Group (OCDO) 264.20p -1.05%
Entertainment One Limited (ETO) 151.60p -0.92%
Dunelm Group (DNLM) 882.00p -0.84%