FTSE 250 movers: Rank tanks on fraud; Miners shine on record prices

(Sharecast News) - FTSE 250 (MCX) 22,228.04 -0.38% Shares in Rank Group fell sharply on Monday as the UK gambling operator said its Spanish businesses had been hit by a payment fraud costing it €7.1m.

The Mecca bingo and Grosvenor casinos owner said it had reported the incident at the Enracha and Yo gaming operations to law enforcement agencies and was supporting investigations, as well as carrying out its own internal probe with the help of an external law firm.

Shares in the firm slumped as much as 9% in London trade on the news.

"Given the exceptional nature of this incident, Rank Group expects to treat the financial impact as a separately disclosed item in relation to its 2025/26 performance," the company said in a short statement on Monday.

AJ Bell investment director Russ Mould said the share price reaction "likely also reflects some uncertainty about whether this will prove to be a more extensive issue for the company".

"Investors will be on tenterhooks as they await the results of an investigation like a bingo player desperately waiting for the number which will let them call 'house'.

"The fraud issues in Spain follow on from the impact of a (UK) Budget which gave to Rank with one hand and took away with the other as the abolition of bingo duty was accompanied by an increase in the digital gaming levy."

London-listed oil and gas group Harbour Energy has announced the $3.2bn acquisition of LLOG Exploration Company, marking its first entry into the deepwater Gulf of Mexico market.

Harbour is already the largest private company in Mexico measured by hydrocarbons resources, with a 2C resource base of over 400m barrels of oil equivalents across offshore conventional oil fields, but is yet to establish a position in the nearby Gulf of Mexico.

LLOG adds "significant exploration opportunity", according to Harbour, with material and increasing free cash flow expected to support shareholder returns and investment grade profile. The deal will also create supply chain synergies with its other projects in Mexico.

Louisiana-based LLOG has been rumoured to be exploring a sale since the end of October, with the company being controlled by the family of founder Gerald Boelte after his death last year.

The proposed deal will see Habour pay $2.7bn in cash - funded through a $1bn bridge facility, a $1bn term loan and Harbour's existing liquidity - along with $0.5bn of Harbour's voting ordinary shares, giving LLOG shareholders an 11% stake in the company upon completion.

"With LLOG, we found the right combination of high-quality assets and a talented team, providing a strong strategic and cultural fit with our company," said Harbour chief executive Linda Cook.

"The transaction positions us as a leading player in a region with well-established infrastructure, a supportive fiscal and regulatory environment and opportunities for additional growth."

Miners were in favour as gold and silver prices hit record highs. Hochschild, Endeavour, Pan African Resources and Blackrock World Mining Trust were all higher as a result.

FTSE 250 - Risers

Pan African Resources (PAF) 117.40p 4.82% Hochschild Mining (HOC) 494.80p 3.51% Endeavour Mining (EDV) 4,018.00p 2.76% Close Brothers Group (CBG) 493.20p 2.58% Ceres Power Holdings (CWR) 226.40p 2.26% BlackRock World Mining Trust (BRWM) 821.00p 2.24% Fidelity Emerging Markets Limited Ptg NPV (FEML) 1,036.00p 1.77% Hammerson (HMSO) 322.20p 1.64% Vietnam Enterprise Investments (DI) (VEIL) 769.00p 1.59% Ithaca Energy (ITH) 161.00p 1.39%

FTSE 250 - Fallers

Rank Group (RNK) 97.80p -7.21% Harbour Energy (HBR) 199.70p -3.25% Ocado Group (OCDO) 241.10p -2.98% Cranswick (CWK) 4,960.00p -2.94% Johnson Service Group (JSG) 134.80p -2.32% Applied Nutrition (APN) 247.25p -2.27% Bakkavor Group (BAKK) 237.00p -2.27% Paragon Banking Group (PAG) 863.00p -2.27% Me Group International (MEGP) 152.40p -2.18% Wizz Air Holdings (WIZZ) 1,253.00p -2.11%