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

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%