LONDON (ShareCast) -

Centamin tumbled as it reported a slump in full-year earnings, revenue and gold production, with a statement from the miner warning investors to expect production of between 490,000 and 520,000 ounces, well below market estimates of about 560,000 ounces.

RBC Capital Markets reportedly said: "We see potential downgrades flowing through from this morning’s 2019 outlook, particularly on the cost front. We also think three downgrades to production guidance in 2018 have negatively impacted the group’s credibility with investors and that this will take a number of quarters to reverse."

Fellow precious metals miners Acacia Mining and Hochschild Mining also dropped on lower gold prices amid reports of positive progress in trade talks between the US and China.

Royal Mail was also lower after its newly issued prices for second class stamps were found to be in breach of Ofcom rules, forcing the postal service to back down and issue an apology.

Metro Bank was the index's top riser, followed by Dechra Pharmaceuticals which climbed after it reported a “strong” performance in its half-yearly report, claiming that trading in the six months ended 31 December was in line with management expectations.

Fidelity China Special Situations rose after the Chinese stock market had its best day of trading in over three years, while industrial flow control manufacturer Rotork followed suit after JPMorgan raised its target price for the stock from 295p to 310p.

Doorstep lender Provident Financial inched upwards after it rejected a £1.3bn offer from smaller rival Non-Standard Finance, calling it "highly opportunistic".

Canaccord analysts took a more positive view of the offer as they upgraded the stock from 'sell' to 'hold' and upped its target price from 426p to 595p, stating that they "believe the merger with NSF is the best rescue PFG shareholders could hope for and we would encourage shareholders to support the transaction".

Market Movers

FTSE 250 (MCX) 19,235.79 -0.18%

FTSE 250 - Risers

Metro Bank (MTRO) 1,528.00p 6.85%
Dechra Pharmaceuticals (DPH) 2,595.26p 3.89%
Fidelity China Special Situations (FCSS) 226.00p 3.43%
Syncona Limited NPV (SYNC) 286.00p 2.88%
Rotork (ROR) 291.00p 2.61%
Provident Financial (PFG) 603.40p 2.38%
John Laing Group (JLG) 384.80p 2.12%
NewRiver REIT (NRR) 216.50p 2.12%
Playtech (PTEC) 417.60p 2.10%
Man Group (EMG) 141.40p 1.98%

FTSE 250 - Fallers

Centamin (DI) (CEY) 101.55p -24.41%
Funding Circle Holdings (FCH) 349.90p -6.38%
IG Group Holdings (IGG) 551.00p -4.09%
Vivo Energy (VVO) 131.04p -3.86%
Acacia Mining (ACA) 241.09p -3.49%
Hochschild Mining (HOC) 197.25p -3.31%
Royal Mail (RMG) 277.40p -3.24%
Greggs (GRG) 1,737.00p -2.85%
CLS Holdings (CLI) 240.00p -2.83%
Apax Global Alpha Limited (APAX) 144.50p -2.69%

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