FTSE 250 movers: Precious metals miners knocked lower

Electrocomponents paced gains on the second-tier index after the electrical components distributor said its first quarter sales to 30 June grew only 1%, but that was a slowdown from the 3.5% rise recorded in the first six weeks of the period.

It was also down from the 2% growth in the preceding quarter and 2.8% in the last full year.

Gross margins also improved as cost-cutting proved more effective than expected.

IbStock was also moving higher, participating in another day of gains for UK real estate stocks. Overnight a report from the Centre for Economics and Business Research (Cebr) argued in favour of more flexible funding from government for housebuilders.

Leading to the downside was Stock in Polymetal as the strength in the US dollar sapped the strength of gold futures.

As of 16:57 BST Comex-traded gold futures were declining by 0.86% to 1,320.80.

Shares in Hochschild Mining were also lower a day ahead of the miner's second quarter production update.

"The focus should be on progress with the development of the high grade Pablo vein system at the Pallancata mine. The company could also provide an update on its net debt position that is targeted to be 1x-2x by YE 2016 (NUMe 1.35x) and on how it plans to fully utilise its processing facilities across Peru, where it has significant redundant capacity," analysts at Numis said.

Significantly for the firm, analysts at UniCredit cautioned silver futures had thus far found underlying support from speculators and investors.

However, "there was a risk that markets could be unnerved by more-hawkish rhetoric from the Fed at the July 27 FOMC meeting. This could lead to a stern test of investor resolve as dips so far this year have been short lived," the analysts said.

Market Movers

FTSE 250 - Risers

Electrocomponents (ECM) 284.50p 10.10%
Ibstock (IBST) 143.70p 6.76%
DFS Furniture (DFS) 223.30p 6.13%
Hill & Smith Holdings (HILS) 1,041.00p 5.47%
Workspace Group (WKP) 711.00p 4.64%
JD Sports Fashion (JD.) 1,228.00p 4.16%
Card Factory (CARD) 314.00p 4.15%
NCC Group (NCC) 333.00p 4.03%
Cranswick (CWK) 2,361.00p 3.69%
OneSavings Bank (OSB) 216.60p 3.64%

FTSE 250 - Fallers

Polymetal International (POLY) 1,045.00p -5.77%
Thomas Cook Group (TCG) 61.45p -3.98%
Hochschild Mining (HOC) 213.80p -3.74%
Ashmore Group (ASHM) 341.20p -3.62%
TalkTalk Telecom Group (TALK) 216.00p -3.01%
Vedanta Resources (VED) 501.00p -3.00%
Virgin Money Holdings (UK) (VM.) 231.40p -2.53%
SIG (SHI) 104.80p -2.51%
Redefine International (RDI) 42.98p -2.32%
Allied Minds (ALM) 358.70p -2.23%