FTSE 250 movers: Centamin surges after Egyptian President ousted

4th Jul 2013 14:14

Gold miner Centamin saw shares jump by nearly a fifth on Thursday after the President of Egypt, where its flagship Sukari mine is located, was ousted by the military. Centamin has been involved in a legal dispute with Egypt's administrative court since the government came into power, regarding the validity of its Sukari licence.Analysts at Investec said today that while the political chaos in the country is "unsettling", it may not be necessarily bad for Centamin which had only encountered tenure issues since Mohamed Mursi was elected. "Providing protests and disruptions do not result in fuel or explosives issues for the mine, CEY could continue as normal throughout this uncertainty," they said.Housebuilders were also performing well this afternoon after a series of upbeat trading updates. Taylor Wimpey rose after trading at the upper end of company expectations during the first half of its financial year, following improvements across most of its markets in the UK. Redrow said that full-year profit will be above the top end range of market expectations, while Galliford Try reported that it had delivered record annual profits, in line with consensus forecast. Sector peers Bellway and Barratt Developments were also in demand.Pizza delivery chain Domino's was in the red, extending losses after its second-quarter trading update yesterday in which it warned that annual losses at its German business would be higher than expected.FTSE 250 - RisersCentamin (DI) (CEY) 37.00p +18.78%Lonmin (LMI) 278.40p +7.08%Taylor Wimpey (TW.) 103.80p +7.07%Barratt Developments (BDEV) 337.10p +6.01%Polymetal International (POLY) 509.50p +5.82%Redrow (RDW) 234.70p +5.72%Bellway (BWY) 1,378.00p +5.43%Daejan Holdings (DJAN) 3,920.00p +4.81%Hiscox Ltd (HSX) 602.00p +4.79%Thomas Cook Group (TCG) 142.40p +4.78%FTSE 250 - FallersAlent (ALNT) 348.90p -1.30%Domino's Pizza Group (DOM) 637.50p -0.62%Barr (A.G.) (BAG) 511.50p -0.58%Countrywide (CWD) 537.00p -0.56%United Drug (UDG) 328.30p -0.52%Menzies(John) (MNZS) 701.50p -0.50%COLT Group SA (COLT) 99.50p -0.50%Xaar (XAR) 777.00p -0.38%F&C Asset Management (FCAM) 94.75p -0.26%Kier Group (KIE) 1,212.00p -0.16%