Ocado led the FTSE 250 up on the news that it had bagged Sir Stuart Rose.

The former Executive Chairman of retailer Marks & Spencer will become Ocado's new independent Non-Executive Director and Chairman Designate, effective from March 11th.

Phillip Dorgan at Panmure Gordon hailed the appointment as a good move which should improve upon the company's external communications, which he called "Pravda-like" in a reference to the Russian Communist Party newspaper.

"It should also add to the bid chatter that has surrounded the shares in recent months," he said

"That said, Ocado is gobbling up cash and is underperforming its multichannel competitors," he added. "We don't see this changing."

The pantomime continues at miner Bumi, pushing the beleaguered firm's shares down another three per cent.

First thing this morning, the company said its investigation into alleged wrong-doing at its Indonesian operation, PT Bumi Resources, in which it holds a 29% stake, had effectively been a waste of time.

PT Bumi Resources is controlled by Indonesia's Bakrie family, one of the co-founders of London-listed Bumi.

The firm launched the investigation after Nathaniel Rothschild, co-founder of Bumi, produced evidence of potential misuse of development funds and other assets at the firm.

Rothschild said he had received the information from a whistleblower, but there were accusations the information had been obtained through hacking.

Having received the report, Bumi said: "Circumstantial evidence supports a number of the allegations but, due to the unwillingness of key parties to be interviewed and provide information as well as provenance issues, the allegations have not been substantiated".

"The company is unable to release the detail of the Macfarlanes report due to exposure to unacceptable legal risks that exist (primarily in Indonesia) as a result of the undisclosed provenance of the materials which formed the basis of the investigation, together with the unsubstantiated nature of the allegations."

Shortly after midday Bumi released another statement backing Chief Executive Nick von Schirnding.

It said the statement was in response to one from NR Investments which questioned von Schirnding's qualifications.

Sir Julian Horn-Smith, Senior Independent Director and Chairman of Bumi's Nominations Committee, said the aspersions were a "poorly judged attempt to tarnish [von Schirnding's] reputation as part of a campaign to take over the company".

"This is an extraordinary demonstration of a confrontational style which does not create value for shareholders," he said.

FTSE 250 - Risers
Ocado Group (OCDO) 100.80p +6.05%
Stobart Group Ltd. (STOB) 98.60p +3.79%
Soco International (SIA) 384.80p +2.18%
Pace (PIC) 218.10p +2.11%
QinetiQ Group (QQ.) 186.00p +2.09%
Grainger (GRI) 128.80p +1.98%
Dignity (DTY) 1,115.00p +1.83%
Rightmove (RMV) 1,583.00p +1.80%
Vesuvius (VSVS) 373.70p +1.69%
Halfords Group (HFD) 354.50p +1.40%

FTSE 250 - Fallers
Elementis (ELM) 212.20p -4.11%
Domino Printing Sciences (DNO) 624.00p -3.85%
New World Resources A Shares (NWR) 288.00p -3.45%
Bumi (BUMI) 321.50p -2.99%
Kenmare Resources (KMR) 33.98p -2.94%
Persimmon (PSN) 861.00p -2.77%
Henderson Group (HGG) 154.80p -2.46%
Enterprise Inns (ETI) 100.60p -2.42%
TalkTalk Telecom Group (TALK) 241.00p -2.23%
Phoenix Group Holdings (DI) (PHNX) 573.50p -2.22%

MM

Related share prices
Ocado Group (OCDO) share price
Bumi (BUMI) share price