FTSE 250 watch: CSR leads rise on UK mid-cap equity index

on Dec 10, 2013
Updated: Oct 21, 2019

iNVEZZ.com, Tuesday, December 10: The UK’s mid-cap equity index, the FTSE 250 (INDEXFTSE:MCX), has been marginally higher today supported by upbeat corporate statements and data showing a rise in UK industrial production for a second straight month. The Office for National Statistics today announced that industrial output has increased 0.4 percent month-on-month in October, matching economists’ expectations and following a rise of 0.9 percent in September.

The FTSE 250 was 0.12 percent higher at 15,410.96 as of 15:18 UTC.
CSR (LON:CSR) has jumped 12.02 percent to 571.30p as of 14:29 UTC with investors at the mobile technology firm hailing its decision to discontinue investment in its camera-on-a-chip (COACH) platform due to “weakness in the digital still camera market”. The firm said it will be taking an impairment charge of $90 million (£54.7 million) in its 2013 financial year. It also expects to cut underlying operating costs by about $30 million (£18.2 million) during 2014. CSR will continue to develop Imaging intellectual property for the automotive and wearables markets, and will also increase investment in the growing areas of Bluetooth Smart and Voice & Music.

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Victrex (LON:VCT), the provider of high performance polymer solutions, has risen 4.60 percent to 1,637p as of 15.04 UTC after it announced a 15 percent increase in its dividend to 43p on the back of higher revenue and pretax profit for the year ended on September 30, 2013.

African Barrick Gold (LON:ABG) was up 3.82 percent to 163p as of 13:36 UTC after the Tanzania-focused gold producer said it had completed the final step in the process towards the lifting of an environmental protection order (EPO) at its North Mara site in the African country. The removal of the EPO that has been in force since 2009 allows the company to discharge clean water once it has been through the water treatment plant at the mine. African Barrick also said it has seen progress in recovering VAT receivables from Tanzanian tax authorities, having already received a total of $13.1 million (7.9 million) in October and November.

Pennon Group (LON:PNN) was up 0.39 percent to 640.50p as of 13:47 UTC after the provider of water and sewerage services announced that its subsidiary Viridor had signed a Public Private Partnership deal with Cardiff Council to treat residual waste from five municipalities in South Wales over the next 25 years. The waste will be treated at Viridor’s energy-from-waste facility currently being built at Trident Park, Cardiff, and due for completion in 2014. Pennon is investing £223 million in Trident Park which is expected to be earnings enhancing in its first full year of operation.

Carpetright (LON:CPR) was up 0.47 percent to 535p as of 14:09 UTC after Britain’s biggest floor covering retailer said it had returned to a first-half pretax profit despite lower revenues, following a loss a year earlier prompted by exceptional costs. The company reported a 2.2 percent drop in group revenue to £222.2 million for the six months to October 26, with UK like-for-like revenues down 0.8 percent and a fall of 8.6 percent in its Europe division, which includes the Netherlands, Belgium and Ireland.
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