FTSE 250 Movers: Miners rocket on central bank action

30th Nov 2011 15:44

Miners dominated the risers on the FTSE 250 on Wednesday after news that central banks are working together to ease strains in the financial markets sent stocks soaring. The mining sector swung into the blue, despite falling earlier on, after the People's Bank of China (PBOC) had lowered the legal reserve requirement for Chinese banks by 50 basis points, in a move to bolster growth in the world's second-largest economy. Shortly after, six central banks announced that they will take co-ordinated action to ease strains in financial markets by making it cheaper for banks to buy dollars.Copper, gold and silver prices were soaring higher on hopes that a stronger global economy would drive demand. Hochschild Mining, Aquarius Platinum and Allied Gold were performing well today.Gem Diamonds was a big faller despite being given the go-ahead for an expansion of its Let?eng mine in Lesotho. 'Project Kholo' will begin in January 2012, and will ramp up to full production by July 2014, the company said. It aims to increase the annual treatment capacity of the Let?eng mine to 10m tonnes per annum, from the current level of 5.6m tonnes a year.RIT Capital, the investment trust, continued to fall after yesterday admitting it has been battered by 'the most torrid markets of my lifetime' - the words of Jacob Rothschild, the Chairman of the firm. In the half-yearly results statement he describes Europe as the 'lead violinist in a discordant band'. Kentz Corp also suffered a drop after HSBC cut its price target to 610P from 630p. Meanwhile, Domino's Pizza was on the up after a strong performance on the NYSE index which saw the stock close at $31.74 on Tuesday. According to Market Intelligence Center, the stock has shown support of $30.61 and resistance around the $32.61. The firm also got four out of five stars from S&P. FTSE 250 - RisersPace (PIC) 51.40p +13.87%Allied Gold Mining (ALD) 193.00p +12.54%Premier Foods (PFD) 5.84p +10.82%Aquarius Platinum Ltd. (AQP) 170.90p +7.28%Domino's Pizza UK & IRL (DOM) 448.60p +7.01%Hochschild Mining (HOC) 440.70p +6.97%Imagination Technologies Group (IMG) 494.90p +6.89%Millennium & Copthorne Hotels (MLC) 424.50p +6.66%International Personal Finance (IPF) 197.20p +6.59%Exillon Energy (EXI) 280.80p +6.53%FTSE 250 - FallersSDL (SDL) 601.00p -6.02%Dairy Crest Group (DCG) 320.20p -5.63%Gem Diamonds Ltd. (DI) (GEMD) 194.50p -3.28%Thomas Cook Group (TCG) 18.35p -2.91%Oxford Instruments (OXIG) 971.00p -2.80%RIT Capital Partners (RCP) 1,227.00p -2.62%Kentz Corporation Ltd. (KENZ) 467.60p -2.58%TalkTalk Telecom Group (TALK) 134.10p -2.12%Galliford Try (GFRD) 479.60p -1.90%Redrow (RDW) 110.10p -1.87%NR