Sector movers: Falling copper price hits industrial metals stocks

17th Nov 2011 16:15

With metals prices taking a hit on euro fears, the industrial metals and mining sector was the worst performer of the day.Three-month copper on the London Metal Exchange fell to $7,584 a tonne in the afternoon, down from $7,730 at yesterday's close, as investors showed concerns that the escalating euro crisis could have an impact on demand.FTSE 250 Ferrexpo led the decline, losing over 10%. First Quantum Minerals and Talvivaara Mining also fell into the red.The gas, water and multituilities sector was making gains today, helped by some pleasing full-year figures from FTSE 100 constituent National Grid.The power grid operator rose over 2% after saying it is well placed to deliver another good year after posting a small improvement in underlying profit at the half-year stage. Underlying profit before tax for the six months ended 30 September rose 2% to £953m from £938m. While this was below some market expectations, investors seemed pleased after the board approved an increase of 8% in the interim dividend. Full-year results from sector peer Centrica did not go down as well, with shares falling 0.1% after it said that full-year earnings may be marginally below current market expectations.BCTop performing sectors so far todayGas, Water & Multiutilities 4,747.38 +1.07%Insurance (non-life) 1,326.56 +0.32%Construction & Materials 3,167.35 +0.09%Beverages 9,973.23 +0.02%Bottom performing sectors so far todayIndustrial Metals & Mining 3,858.74 -6.16%Personal Goods 20,289.38 -3.76%Real Estate Investment Trusts 1,816.25 -2.92%Mining 20,220.82 -2.82%Automobiles & Parts 4,332.44 -2.52%