Sector movers: Antofagasta leads mining stocks higher after US data

3rd Jul 2014 14:29

Mining stocks were benefiting from an improved outlook for the global economy on Thursday as labour-market data from the US smashed analysts' forecasts.The US economy added an impressive 288,000 jobs in June, compared with analysts' forecasts of just 215,000, while the jobless rate unexpectedly dropped to 6.1%, its lowest level since September 2008."While a lot of the good news, perhaps anticipated in part by the strong ADP number [private payrolls data released on Wednesday], has been priced in, the market is happy to cycle risk up at these levels," said Trader David White from Spreadex.Despite precious metal prices declining on the back of the data, as the demand for safe-haven assets fell, mining stocks pushed higher this afternoon in London.In contrast, a surging copper price to a four-month high helped shares of Chilean miner Antofagasta to the top of the pile on the FTSE 100, with the stock rising over 4%.Antofagasta was also boosted by reports that the group is to cut jobs and costs as it combines its El Tesoro and Esperanza mines under a new company. A director from the board said in an interview with Bloomberg yesterday that the mines, located in the Centinela region of Chile, will come under one management from next week. Fresnillo, Anglo American and African Barrick Gold were also putting in decent gains this afternoon.Top performing sectors so far todayIndustrial Metals & Mining 1,174.62 +2.83%Food & Drug Retailers 3,753.43 +2.05%Industrial Engineering 10,674.86 +1.86%Mining 17,371.84 +1.60%General Retailers 2,780.67 +1.28%Bottom performing sectors so far todayOil & Gas Producers 8,820.68 -0.21%BC