Sector movers: ENRC leads miners lower

10th Jun 2011 15:17

The mining sector has taken a knock today, with blue chip metals producers providing a drag.Kazakhstan-focused miner Eurasian Natural Resources Corp is a heavy faller on further speculation of a major boardroom shake-up, as a result of indifferences with minority shareholders. On Wednesday, the group initiated a "comprehensive review of its corporate governance" which saw four board members leave with immediate effect. Now, according to a report in the Financial Times, Mehmet Dalman, an independent director of the board, could be set to resign. Providing more downwards pressure on the shares are falling copper, gold and silver prices, which are dragging down the share price of Anglo American, Fresnillo and Rio Tinto also. Sector peer Lonmin is also in the red after UBS initiated coverage with a 'sell' and 1,500p target price, highlighting its concerns over the current cost environment.Meanwhile, only two sectors are making gains on Friday afternoon. one being household goods and home construction.Housebuilder Bellway is providing a lift after it said it is well positioned to deliver operating margin and volume growth if market conditions remain unchanged following a return to a more normal reservation pattern and a healthy spring selling season.---BCTop performing sectors so far todayTechnology Hardware & Equipment 742.87 +0.28%Household Goods & Home Construction 6,661.10 +0.04%Bottom performing sectors so far todayIndustrial Metals & Mining 7,525.13 -3.78%Forestry & Paper 6,592.07 -2.86%Automobiles & Parts 4,884.22 -2.57%Mining 24,537.83 -2.05%General Retailers 1,691.15 -1.95%