Sector movers: Miners, banks fall as investors scale back risk

20th Sep 2013 13:57

The mining and banking sectors were the worst performing categories on Friday afternoon as traders scaled back risk appetite going into the weekend.With the excitement of the surprise Federal Reserve decision now over - cyclical stocks gained strongly on Thursday after the central bank held off from tapering stimulus - caution has set in ahead on financial markets of the German elections this weekend."Clearly with many markets trading at such high levels, investors are starting to wonder if the present valuation of equities is too high and maybe taking a step back from the markets and awaiting the next economic disaster could provide a better buying opportunity," said Financial Trader Shavaz Dhalla from Spreadex.Falling metal prices were weighing on the miners this afternoon with gold pulling back after recent gains as the US dollar rebounded - the greenback fell sharply on Wednesday after the Fed decision, causing gold to jump as much as 4.5% on the day.On Friday however, gold futures were down 1.15% at $1,353.60 an ounce, while silver was 2.65% lower and copper fell 0.36%.Precious metals groups Fresnillo and Randgold were the heaviest fallers on the FTSE 100, following closely behind by Anglo American, Antofagasta and Vedanta.Lonmin, Polymetal and Hochschild were also lower on the second-tier FTSE 250 index.As for the banks, RBS was registering losses on the same day it announced the sale of a further 20% stake in Direct Line Insurance. The stock was being weighed down by comments by Investec which said that its third-quarter trading statement on November 1st "may (once again) prove to be a poor time to own the shares!"Barclays and Lloyds were also trading in the red.Top performing sectors so far todayAutomobiles & Parts 8,494.19 +2.14%Fixed Line Telecommunications 3,937.82 +0.91%Media 6,163.52 +0.61%Oil & Gas Producers 7,818.80 +0.59%Pharmaceuticals & Biotechnology 11,072.34 +0.52%Bottom performing sectors so far todayMining 16,998.08 -1.34%Banks 4,994.86 -1.31%Forestry & Paper 11,536.12 -1.20%General Industrials 4,127.95 -0.90%Industrial Metals & Mining 1,603.58 -0.81%BC