Sector movers: Metals/mining stocks lower on economic concerns

2nd Aug 2011 13:48

The metals and mining sectors were unwanted on Tuesday on fears over the global economic recovery.Despite the successful passage through the US House of Representatives of the budget deficit reduction bill last night, many have pointed to recent disappointing global manufacturing data and the ongoing debt crisis in Europe as factors to constrict economic growth.Kazakhmys, Xstrata, Eurasian Natural Resources Corp., Talvivaara Mining, Ferrexpo and Bellzone Mining were among the worst performers of the day on demand concerns.Fresnillo, however, was bucking the trend in the mining sector, gaining over 5% after announcing that total revenue rose to $1.056bn (£644.5m) in the six months ended 30 June, from $605.7m the previous year.The banks were the best performers, driven by strong gains from Barclays following its first half results.While pre-tax profits fell to £2.64bn from £3.94bn , they jumped 24% on an underlying basis. The chief executive Bob Diamond explained, "We have delivered underlying profit before tax up 24% to £3.678bn and our underlying return on average shareholders' equity improved to 9.1% despite a lacklustre economic environment in many of our major markets which impacted income generation." Standard Chartered and HSBC were also in demand.BCTop performing sectors so far todayBanks 4,202.67 +1.54%Gas, Water & Multiutilities 4,549.71 +0.65%Electricity 8,164.56 +0.21%Tobacco 31,968.59 +0.10%Food & Drug Retailers 4,471.80 +0.05%Bottom performing sectors so far todayIndustrial Metals & Mining 6,755.46 -5.64%Construction & Materials 3,543.18 -2.83%Electronic & Electrical Equipment 3,183.46 -2.76%Automobiles & Parts 5,183.49 -2.64%Mining 24,065.78 -2.51%