Sector movers: Evraz lifts industrial metals higher

4th Jul 2014 15:48

A surge in the share price of steel group Evraz helped the industrial metal and mining sector to the top of the pile on an otherwise quiet trading session in London.While markets were subdued on the whole, with analysts citing low volumes due to a public holiday in the States, Evraz shares were 5.2% higher at 98p in afternoon trade on rumours that the company is looking to offload a stake in its North American assets in an effort to cut debt.According to reports, Evraz has not yet made a decision on how much of an interest it would sell or whether or not the disposal will go ahead at all.Chicago-headquartered Evraz North America produces over 5m tons of flat, long and tubular steel products each year for markets including infrastructure, defence, energy and rail.However, the parent company, which had net debt of $6.5bn by the end of 2013, is said to be looking to take advantage of improving conditions in the North American steel industry which has improved because of growing domestic demand.Evraz, which is based in the UK but focused on Russia, admitted in April its net debt-to-operating profits ratio of 3.6 times at the end of 2013 "as being high" and said in that it is targeting a lower multiple of 3.0 by 2016 through organic deleveraging and disposals.Others stocks in the sector, including London Mining, International Ferro Metals, Talvivaara and Ferrexpo, were also in demand today.Top performing sectors so far todayIndustrial Metals & Mining 1,215.50 +4.00%Software & Computer Services 1,178.54 +0.73%Insurance (non-life) 1,975.53 +0.66%General Industrials 4,287.18 +0.56%Travel & Leisure 7,434.84 +0.56%Bottom performing sectors so far todayForestry & Paper 11,449.95 -0.93%Automobiles & Parts 8,634.48 -0.91%Construction & Materials 4,184.62 -0.84%Electricity 10,100.08 -0.63%Gas, Water & Multiutilities 5,973.45 -0.58%BC