FTSE 250 movers: Miners rise on China rate cut, record gold prices

21st Oct 2024 15:25

(Sharecast News) - Mining stocks were dominating the risers list on the FTSE 250 on Monday, as stimulus measures in China and commodity prices provided a boost to sentiment.

Miners were outperforming the wider markets after China's central bank cut benchmark lending rates. The People's Bank of China reduced both the one-year and five-year loan prime rates in a move that will hopefully encourage lending and spending to help rebuild a struggling property market.

Meanwhile, precious metal miners Hochschild Mining, Centamin and Endeavour Mining were putting in decent gains as the price of gold hit another record high, up 0.8% at $2,751.30 an ounce, while silver was trading at its highest levels in more than a decade.

Ocado Group was lower amid speculation that a former Microsoft executive is reportedly being lined up as its next chairman. According to Sky News, Adam Warby, who chairs the board of executive search firm Heidrick & Struggles and serves as a senior advisor to US investment firm KKR, has emerged as the leading candidate to succeed Rick Haythornthwaite in the role.

Future's share price was rebounding after a dive on Friday following the unexpected departure of chief executive Jon Steinberg. Analysts at JPMorgan said while the CEO exit was a clear negative, "we continue to see inherent upside to valuation at these levels".

PureTech Health was higher after reporting that Seaport Therapeutics, a company it founded, has closed an oversubscribed $225m series B financing round.

FTSE 250 - Risers

Future (FUTR) 864.00p 8.75%

Hochschild Mining (HOC) 246.00p 4.68%

Bakkavor Group (BAKK) 161.50p 3.86%

Centamin (DI) (CEY) 173.30p 3.22%

Ithaca Energy (ITH) 104.80p 2.75%

PureTech Health (PRTC) 153.80p 2.12%

HGCapital Trust (HGT) 516.00p 1.98%

Endeavour Mining (EDV) 1,908.00p 1.92%

Apax Global Alpha Limited (APAX) 147.00p 1.38%

Foresight Solar Fund Limited (FSFL) 89.40p 1.36%

FTSE 250 - Fallers

Bloomsbury Publishing (BMY) 644.00p -3.88%

JTC (JTC) 1,078.00p -3.75%

Savills (SVS) 1,138.00p -3.56%

W.A.G Payment Solutions (WPS) 81.40p -3.33%

Vesuvius (VSVS) 378.50p -3.07%

Genuit Group (GEN) 496.50p -2.84%

Ocado Group (OCDO) 357.70p -2.45%

Kainos Group (KNOS) 809.00p -2.41%

Chrysalis Investments Limited NPV (CHRY) 89.30p -2.40%

Clarkson (CKN) 3,510.00p -2.36%