Sector movers: Lonmin lifts miners

16th Nov 2009 12:13

A strong performance from the FTSE 100-listed platinum miner Lonmin is driving the mining sector higher.Lonmin reported a pre-tax loss of $272m for the period, compared with a profit of $779m over the same period the previous year, as revenues fell to $1,062m from $2,231m and said it will not pay a final dividend. However, chief executive Ian Farmer said the firm expects the fundamentals in the industry to improve from 2011.Elsewhere in mining, Anglo American, another riser, has strengthened its management team again, with the appointment of former Barrick Gold vice chairman Jack Thompson as a non-executive director.With markets buoyant, defensive stocks such as the pharmaceutical giant AstraZeneca and the tobacco stocks British American and Imperial, are left on the shelf.Top performing sectors so far todayMining 20,823.76 +3.62%Industrial Metals 4,667.10 +3.19%Automobiles & Parts 2,737.88 +2.27%Real Estate 2,203.15 +1.99%Fixed Line Telecommunications 2,067.55 +1.75%Bottom performing sectors so far todayPharmaceuticals & Biotechnology 8,426.22 -0.38%Tobacco 24,237.55 -0.26%Personal Goods 10,274.30 -0.23%