LONDON (ShareCast) - Oil producer Imperial Energy is way in front in the FTSE 250 after the board confirmed that it is in discussions in relation to a possible cash offer for the company at a price of 1,290p a share. The share price already jumped yesterday when it admitted it received an approach that could lead to an offer. Imperial did not identify the bidder but Indian state-owned oil and gas company Oil & Natural Gas Corp (ONGC)is believed to have submitted the offer.

Also in the oil sector, Venture Production advanced after it successfully side-tracked and tested well 47/9c-11x to appraise the Barbarossa gas field located in the southern North Sea. Dana Petroleum also moved higher.

Electricals retailer DSG International leads mid-caps lower after the British Retail Council said like-for-like retail sales fell in June.

Yell Group fell back after Credit Suisse has slashed its price target on the directories group to 55p from 140p, saying it remains negative on European directories as they become by-passed in the move to online. The broker, which keeps its ‘neutral’ rating on the Yellow Pages owner, said Yell’s first quarter results due on July 24 are unlikely to offer much cheer.

FTSE 250 - Risers
Imperial Energy Corporation (IEC) 1,145.00p +25.82%
Randgold Resources (RRS) 2,718.00p +4.62%
Melrose Resources (MRS) 435.00p +3.08%
Venture Production (VPC) 806.00p +3.00%
Dana Petroleum (DNX) 1,668.00p +1.83%
Heritage Oil (HOIL) 307.00p +1.66%
Mecom Group (MEC) 17.50p +1.45%
Benfield Group (BFD) 228.50p +1.44%
Rathbone Brothers (RAT) 799.50p +1.20%
Dairy Crest Group (DCG) 346.00p +1.02%

FTSE 250 - Fallers
DSG International (DSGI) 36.50p -12.05%
Punch Taverns (PUB) 196.00p -10.19%
Headlam Group (HEAD) 250.50p -9.97%
Quintain Estates & Development (QED) 146.25p -9.44%
Grainger (GRI) 186.25p -8.14%
Bradford & Bingley (BB.) 48.75p -8.02%
Trinity Mirror (TNI) 62.25p -7.43%
Tullett Prebon (TLPR) 351.75p -7.37%
Debenhams (DEB) 31.75p -7.30%
Yell Group (YELL) 60.50p -7.28%

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