Sector movers: Dollar weakness lifts metal processors

15th Jun 2012 16:38

With the dollar declining and making metals cheaper, it was a good day for the Industrial Metals and Mining Sector.Berkeley Mineral Resources (BMR) missed out, however, after signing an agreement with Chinese metals processor Yunnan Xiangyun Feilong Non-ferrous Metal.The two are planning to form a joint venture to exploit BMR's Kabwe mine in Zambia.SSE led the Electricity sector lower as investors baled on the stock following the announcement of SSE's acquisition of Irish electricity firm Endesa Ireland.The company is paying €320m - around £256m - plus an estimated €43m (£34m) for working capital. SSE will take over four power plants as well as another that is under construction. Once the deal is done the firm faces a £100m bill to build a combined cycle gas turbine that is already being built at the Great Island power station in County Wexford.Top performing sectors so far todayIndustrial Metals & Mining 2,851.76 +6.22%Oil Equipment, Services & Distribution 22,393.83 +2.48%Construction & Materials 3,226.71 +2.11%Forestry & Paper 5,741.13 +1.81%Banks 3,674.85 +1.72%Bottom performing sectors so far todayElectricity 8,645.17 -1.33%Gas, Water & Multiutilities 5,009.29 -1.33%Food Producers & Processors 5,493.02 -1.06%Food & Drug Retailers 3,785.54 -0.87%Technology Hardware & Equipment 661.11 -0.77%JH