FTSE 250 movers: Endeavour shines on gold price, production update

13th Sep 2024 14:41

(Sharecast News) - FTSE 250 (MCX) 20,865.58 0.82%

Endeavour Mining's share price was given a boost on Friday after the West Africa-based gold producer achieved commercial production at its mines in Senegal and Côte d'Ivoire.

Commercial production was achieved on budget and on schedule at both its Sabodala-Massawa BIOX Expansion in Senegal and at its Lafigué mine in Côte d'Ivoire at the start of August, the company said.

Full ramp-up to nameplate capacity at both projects is now underway, with the company on track to hit its production guidance, with all-in sustaining costs at the top end of the expected range, as previously announced.

"We are pleased to have achieved commercial production at both of our organic growth projects, fully de-risking construction and ramp-up activities," said chief executive Ian Cockerill.

"Both projects will drive stronger operating performance in the second half of the year, underpinning our Group production guidance, while adding low-cost production, extending mine life visibility, and increasing the geographic diversification of the portfolio."

Miners were also boosted as gold prices reached new record highs of over $2,500 per ounce. Hochschild Mining also gained on the news.

Derren Nathan, head of equity research at Hargreaves Lansdown, said: "The glittering performance has been buoyed by sustained high levels of purchases by central banks in the face of a weakening dollar, geopolitical uncertainty and the downward looking trajectory for interest rates.

"These conditions could persist for a while so there's potential for the high-water mark to rise further in the coming months."

FTSE 250 - Risers

Endeavour Mining (EDV) 1,771.00p 6.62%

TI Fluid Systems (TIFS) 144.00p 6.04%

Watches of Switzerland Group (WOSG) 388.60p 4.35%

Wood Group (John) (WG.) 129.30p 4.19%

Bridgepoint Group (Reg S) (BPT) 357.60p 3.47%

Discoverie Group (DSCV) 597.00p 3.47%

Hochschild Mining (HOC) 181.40p 3.42%

Pennon Group (PNN) 618.00p 2.83%

Energean (ENOG) 938.50p 2.74%

Rotork (ROR) 332.00p 2.66%

FTSE 250 - Fallers

Breedon Group (BREE) 409.50p -0.73%

NCC Group (NCC) 166.40p -0.72%

Vietnam Enterprise Investments (DI) (VEIL) 572.00p -0.69%

Tritax Eurobox (GBP) (EBOX) 73.50p -0.68%

Softcat (SCT) 1,478.00p -0.67%

Volution Group (FAN) 541.00p -0.55%

Baltic Classifieds Group (BCG) 284.50p -0.52%

Marshalls (MSLH) 325.00p -0.46%

Spirent Communications (SPT) 173.60p -0.46%

Carnival (CCL) 1,161.50p -0.43%