FTSE 250 movers: Vedanta gains on production report

London’s FTSE 250 index edged higher on Friday and by 1500 BST was up 0.6% to 17,111.22, rising in line with the broader markets as investors welcomed dovish minutes from the Federal Reserve.

Vedanta Resources surged after saying production rose in the first half across most of its commodities and that net debt at the end of the quarter is expected to be below $8bn and the company is confident of meeting its covenants as at the end of September 2015.

“We are continuing to drive efficiency improvements and optimise opex and capex across the business. While the near-term market outlook is challenging, we believe we have the right mix of commodities to benefit from future demand in India and globally,” it said.

Investec said: “Following its decision effectively to exit its IES upstream assets, the likely cancellation of Petrofac’s ‘big boat’ would mark another strategic reversal, albeit not an unpopular one. It would bring the company full circle, back to its roots as an onshore, MENA-focussed E&C contractor.”

Petrofac also rose sharply after saying it has terminated its contract with ZPMC, which had been viewed by the market as unfavourable. The oil and gas service provider announced the decision after performance issues over the construction of its deepwater multi-purpose offshore vessel.

Risers

Vedanta Resources (VED) 593.50p +11.98%

Petrofac Ltd. (PFC) 945.50p +10.20%

Kaz Minerals (KAZ) 144.60p +8.07%

Tullow Oil (TLW) 264.60p +7.65%

Premier Oil (PMO) 95.20p +7.51%

Drax Group (DRX) 288.10p +6.39%

Allied Minds (ALM) 396.40p +5.71%

Rotork (ROR) 199.50p +5.00%

Electrocomponents (ECM) 198.70p +4.85%

Bodycote (BOY) 576.00p +4.73%

Fallers

Savills (SVS) 893.50p -2.56%

Entertainment One Limited (ETO) 221.10p -2.17%

Moneysupermarket.com Group (MONY) 311.60p -1.92%

Auto Trader Group (AUTO) 334.40p -1.91%

Betfair Group (BET) 3,156.00p -1.77%

Greggs (GRG) 1,100.00p -1.70%

Indivior (INDV) 218.00p -1.58%

Jardine Lloyd Thompson Group (JLT) 992.00p -1.49%

Close Brothers Group (CBG) 1,513.00p -1.43%