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FTSE 250 movers: Hammerson rises but Vedanta, Kaz hit by Goldman downgrades
London's FTSE 250 was down 0.2% to 19,802.10 in afternoon trade on Monday.
Hammerson rose amid news that Dutch pension fund manager APG Asset Management, which has a holding of around 7% in the housebuilder, plans to vote against its £3.4bn acquisition of Intu Properties. Intu fell on the news.
Polymetal International lost ground after reaching an agreement with the Russian Copper Company for an all-share exchange of its Tarutin property in Russia, for 85% of RCC's East Tarutin property in Kazakhstan.
Vedanta Resources dropped as it announced the appointment of AngloGold Ashanti CEO Srinivasan Venkatakrishnan as its new chief executive officer. The stock was also hit by a downgrade to 'neutral' from 'buy' by Goldman Sachs on the back of inflationary pressures and copper smelter issues.
"Our downgrade of Vedanta at this point is motivated by 1) the ongoing issues at its Tamil Nadu smelter and 2) inflationary pressures particularly at its aluminium division."
Kaz Minerals was also knocked lower as Goldman Sachs downgraded it to 'neutral' from 'buy' following recent outperformance. It noted that since being upgrade to 'buy' in December 2017, the stock is up around 16% versus the FTSE World Europe down 4.6% and peers up 2%.
"Given this strong performance on the back of commodity price resilience and delivery of growth targets, we view the stock's relative valuation to peers as less appealing and don't see any tangible near to medium-term catalysts," Goldman said.
Tullow Oil slid as oil prices dropped following last week's big gains.
Risers
Morgan Advanced Materials (MGAM) 336.80p 3.82%
Fisher (James) & Sons (FSJ) 1,620.00p 2.92%
Capital & Counties Properties (CAPC) 279.50p 2.80%
Mitchells & Butlers (MAB) 266.00p 2.78%
Bakkavor Group (BAKK) 186.00p 2.76%
Hammerson (HMSO) 485.74p 2.69%
Cairn Energy (CNE) 220.20p 2.42%
On The Beach Group (OTB) 597.06p 2.41%
Greene King (GNK) 570.60p 2.26%
JD Sports Fashion (JD.) 354.40p 1.96%
Fallers
Polymetal International (POLY) 630.19p -6.72%
Hunting (HTG) 727.50p -5.09%
Intu Properties (INTU) 211.00p -3.92%
Vedanta Resources (VED) 720.40p -3.64%
Kaz Minerals (KAZ) 874.18p -2.76%
Playtech (PTEC) 812.40p -2.54%
Tullow Oil (TLW) 214.90p -2.45%
Sanne Group (SNN) 611.00p -2.24%
Euromoney Institutional Investor (ERM) 1,266.00p -2.16%
TalkTalk Telecom Group (TALK) 118.85p -2.10%