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(Sharecast News) - London's FTSE 250 was down 0.3% at 20,003.51 in afternoon trade on Tuesday, as Sirius Minerals led the index lower.
The fertiliser development company's shares tumbled as it said "poor market conditions" had forced it to cancel a $500.0m bond issue that was needed to start the next phase of construction on a fertiliser mine in Yorkshire.
Russ Mould, investment director at AJ Bell, said: "Although the share price has taken a beating on today's news, it isn't game over for Sirius and its shareholders. The miner has a few options to try and salvage the project.
"It has enough cash to give it six months' breathing space to either find a different solution for the financing or bring in a new strategic investor who could theoretically provide cash upfront in exchange for a stake in the business."
Wood Group, Premier Oil, Tullow Oil, Petrofac and Vivo Energy were all heading downward as oil prices dropped after the US tapped its Strategic Petroleum Reserves.
Up at the other end of the index, security software provider Sophos topped the risers ahead of Intermediate Capital, which climbed after appointing former Morgan Stanley veteran Alan Jones as senior managing director to build a private equity business on the other side of the Atlantic.
Shares in budget airline Wizz Air were also on the up as fears that higher oil prices could impact margins relented slightly on the back of a retreat in prices.
Finally, Hikma Pharmaceuticals climbed after launching a pre-filled syringe capability in the US, which the company said will help to improve the speed, safety and accuracy of patient care.
Market Movers
FTSE 250 (MCX) 20,003.51 -0.28%
FTSE 250 - Risers
Sophos Group (SOPH) 431.00p 7.19%
Intermediate Capital Group (ICP) 1,422.00p 3.12%
Woodford Patient Capital Trust (WPCT) 46.54p 2.86%
Games Workshop Group (GAW) 4,690.00p 2.81%
Wizz Air Holdings (WIZZ) 3,459.00p 2.58%
Telecom Plus (TEP) 1,230.00p 2.50%
Hikma Pharmaceuticals (HIK) 1,979.50p 2.19%
Softcat (SCT) 1,007.00p 2.08%
Ashmore Group (ASHM) 481.40p 1.78%
HGCapital Trust (HGT) 232.03p 1.77%
FTSE 250 - Fallers
Sirius Minerals (SXX) 4.55p -54.50%
Intu Properties (INTU) 40.16p -6.60%
Aston Martin Lagonda Global Holdings (AML) 541.20p -5.88%
Wood Group (John) (WG.) 425.20p -5.80%
Elementis (ELM) 157.90p -4.88%
Kaz Minerals (KAZ) 438.80p -4.84%
Premier Oil (PMO) 89.90p -4.52%
Tullow Oil (TLW) 231.00p -4.15%
Petrofac Ltd. (PFC) 438.80p -3.75%
Vivo Energy (VVO) 125.80p -3.23%
7 Jul 2023 15:18
Norway wealth fund excludes Power Construction Corp of China
OSLO, July 6 (Reuters) - Norway's $1.4 trillion sovereign wealth fund has excluded Power Construction Corp of China from its portfolio and placed London-listed Petrofac under observation.
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