The perils of doing business in Ukraine, aside from the country’s war with Russia and US President Donald Trump’s ham-fisted efforts to end it, have hit shares in iron ore pellets producer Ferrexpo.
Ukraine’s state bureau of investigations is preparing to lodge a case requesting the nationalisation of the Poltava mining and processing plant – the largest project belonging to Ferrexpo.
Ferrexpo recently noted reports of claims by the Ukrainian prosecutor’s office against managers at Poltava over alleged illegal mining and sale of waste products. It said it viewed the accusations as being without merit.
The FTSE 250-listed company has had to deal with various probes into its main shareholder, sanctioned businessman and former politician Kostyantyn Zhevago, as authorities fight corruption, even after Russia’s invasion in 2022.
This latest twist meant the ever-volatile Ferrexpo shares dropped 30.4 per cent, or 30.2p, to 69.1p.
The overall mood in London was cautious again, with the FTSE 100 closing 0.6 per cent, or 49.56 points, lower at 8662.97, while the FTSE 250 fell 0.5 per cent, or 95.02 points, to 20,612.77.
Key site: Ukraine’s state bureau of investigations is requesting the nationalisation of the Poltava mining and processing plant, the largest project belonging to Ferrexpo
BP was a top FTSE 100 faller – down 1.1 per cent, or 4.95p, to 452p – as the stock traded without entitlement to its latest dividend, a factor which countered news of an upgrade by analysts at JP Morgan to ‘neutral’ from ‘underweight’ following the oil giant’s recent results.
Away from the blue chips, Indivior lost 15.7 per cent, or 136p, to 732p as the drug-maker projected a 17 per cent drop in its 2025 net revenue, hurt in part by weak sales of a therapy for opiate addiction.
Diversified Energy dropped 6.4 per cent, or 79p, to 1150p after confirming plans to raise around £97million from US investors to buy Maverick Natural Resources.
And Hays shed 1.9 per cent, or 1.35p, to 71.7p as the recruiter reported a drop in first-half profit.
But Safestore rose 2.7 per cent, or 15.5p, to 600p as the self-storage firm reported improving like-for-like growth across all markets.
Wood Group rallied 6.4 per cent, or 1.54p, to 25.8p boosted by a £95m contract extension with Shell UK.
The award outweighed news that the oil services firm’s chief financial officer, Arvind Balan, has resigned following an incorrect description of his qualifications.
Ithaca Energy jumped 9.3 per cent, or 12.2p, to 143.4p after it said its 2024 oil production was at the top end of guidance, 14 per cent higher than in 2023.
Among the small caps, Greatland Gold rose 4.9 per cent, or 0.4p, to 8.6p after exceptional first underground drilling results from a project in Australia.
But Ceres Power plunged 38.5 per cent, or 50.45p, to 80.55p after major partner Robert Bosch pulled its partnership with the fuels cell developer in a strategic realignment. The German giant will sell its 17.44 per cent stake.
And Zoo Digital dropped 37.3per cent, or 10.25p, to 17.25p as the cloud-based media services provider warned revenue and earnings will be below market expectations.
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