Sector movers: Anglo American leads miners lower

10th May 2013 15:30

Anglo American shares took a hit after its Amplats subsidiary announced plans to axe 6,000 jobs in an effort to reduce costs and improve efficiencies. The move comes as part of a number of proposals aimed at restoring profitability to the mining company. Proposals include revising its baseline production to 2.2m from 2.4m ounces per annum in the short to medium term and consolidating its Rustenburg project into three operating mines. The company is also looking to explore opportunities for further joint ventures and acquisitions. Sector peers Randgold, Polymetal, Glencore Xstrata and Fresnillo were also in decline, tracking metal prices lower. Gold futures fell 3.16% to $1,422.20 per troy ounce in electronic trading this afternoon. Silver was down 2.58% to $23.30 and platinum dropped 2.25% to $1,482.40. Top performing sectors so far todayFixed Line Telecommunications 3,560.55 +10.31%Industrial Transportation 2,723.62 +3.23%Personal Goods 22,244.84 +1.67%Banks 5,083.91 +1.24%Mobile Telecommunications 4,535.35 +1.05%Bottom performing sectors so far todayMining 17,109.10 -2.48%Oil Equipment, Services & Distribution 23,460.92 -1.03%Oil & Gas Producers 8,158.99 -0.57%Electricity 9,841.23 -0.50%Construction & Materials 3,669.19 -0.48%NR