FTSE 250 movers: Iron ore prices push resources higher

The FTSE 250 remained in the black on Tuesday afternoon, as investors digested better-than-expected inflation data which reached its highest point in a year.

Resources producers, including Evraz and Vedanta Resources, were on the up as iron ore prices surged towards $60 per tonne. Ore with 62% content delivered to Qingdao in China increased 4.6% to $59.22 per dry tonne on Tuesday, following a 4.8% jump on Monday. Prices had already risen 36% in 2016, surprising many analysts who were expecting a fourth straight year of losses driven by weaker steel demand in China and rising supply from low-cost producers.

Ashmore continued its recovery, after a research report from Jefferies on Monday downgraded the stock’s rating to ‘hold'. The report put a target price of 261p on the emerging markets investment manager, indicating a potential downside of 7.94% on the stock. Ashmore shares fell sharply on Monday morning, but went into recovery mode soon after.

Pork producer Cranswick slumped on Tuesday, a day after it announced it was paying £40m for East Anglian poultry business Crown Chicken from the Thacker family. The purchase was hailed by Cranswick’s management as important progress in its long-term strategy, and followed its purchase of Benson Park in October 2014.

Another firm under pressure was molten metal flow engineering company Vesuvius, which was slipping after Jefferies downgraded its stock to ‘underperform’ from ‘hold’. It cut the price target to 255p from 300p, saying the company’s full-year results highlighted a deteriorating macro environment, with earnings under pressure and enhanced restructuring measures unlikely to halt the declining financial trend.

Risers

Evraz (EVR) 106.60p 7.08%
Acacia Mining (ACA) 310.30p 4.58%
Vedanta Resources (VED) 375.00p 4.46%
Kaz Minerals (KAZ) 164.10p 4.32%
Ashmore Group (ASHM) 301.80p 4.32%
Allied Minds (ALM) 396.10p 4.29%
McCarthy & Stone (MCS) 280.00p 3.97%
TalkTalk Telecom Group (TALK) 244.30p 3.65%
Zoopla Property Group (WI) (ZPLA) 253.00p 3.10%
NMC Health (NMC) 1,185.00p 2.95%

Fallers

Vesuvius (VSVS) 288.50p -5.50%
Cranswick (CWK) 2,400.00p -5.44%
Indivior (INDV) 163.30p -5.06%
Countrywide (CWD) 358.80p -4.09%
Ophir Energy (OPHR) 75.70p -2.82%
Ted Baker (TED) 2,576.00p -2.24%
Capital & Counties Properties (CAPC) 332.00p -2.04%
Supergroup (SGP) 1,324.00p -2.00%
Shaftesbury (SHB) 902.00p -1.90%
RPC Group (RPC) 756.50p -1.75%

FTSE 250 movers: Iron ore prices push resources higher

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