Sector movers: Antofagasta pulls miners lower

6th Jan 2011 16:40

Industrials metals and mining made losses Thursday on the back of a broker downgrade to mining giant Antofagasta.Nomura has downgraded Antofagasta from a 'buy' to 'reduce' as it struggles to find value in the copper miner which has more than doubled over the last six months. Since January 2009, the Japanese broker has viewed copper as the most attractive recovery exposure, with Chile-based Antofagasta being its top pick. But while copper prices are expected to enjoy further short-term upside, analyst Paul Cliff says "many pure copper equities now price in an over-optimistic long-term outlook." The aerospace and defence sector is the best performing sector with British Airways and Rolls-Royce flying higher.There was further evidence of a newly confident airline industry on Thursday as British Airways completed contracts with power systems developer Rolls-Royce for Trent 900 and Trent 1000 engines to power up to 61 new wide-body aircraft. The order was originally announced in September 2007 and is worth in excess of $5bn at list prices if all options are exercised. It comes two days after British Airways' no frills rival easyJet announced plans to exercise its option to take delivery of 15 Airbus A320 aircraft, and agreed new options over a further 33 A320 aircraft.Top performing sectors so far todayAerospace and Defence 3,504.46 +1.58%Technology Hardware & Equipment 670.45 +1.29%Life Insurance 4,179.96 +1.03%Beverages 9,649.76 +0.95%Insurance (non-life) 1,565.54 +0.90%Bottom performing sectors so far todayIndustrial Metals & Mining 8,395.84 -2.28%Real Estate Investment & Services 1,535.17 -1.73%Health Care Equipment & Services 3,734.12 -1.63%Electricity 7,485.61 -1.51%Food & Drug Retailers 4,941.93 -1.25%