Sector movers: Miners down on inflation concerns

15th Feb 2011 16:24

The mining sector has taken a hit as an increase in the Chinese inflation rate raised the prospect of further increases in Chinese interest rates in the near future. Consumer prices rose at an annual rate 4.9% in China in January. The rise compares with a 4.6% increase in December, which was still ahead of the Chinese government's target of 4%. Xstrata, Anglo American, Fresnillo, Rio Tinto, BHP Billiton and Kazakhmys occupy six of the ten bottom slots on the list of Footsie constituents.Forestry and paper is the best performing sector, lifted higher by paper maker James Cropper and packaging firm Mondi.Top performing sectors so far todayForestry & Paper 5,816.53 +1.31%Alternative Energy 3,478.56 +1.26%Food & Drug Retailers 4,764.23 +1.17%Oil & Gas Producers 8,572.82 +0.59%Banks 5,114.12 +0.55%Bottom performing sectors so far todayMining 27,351.51 -2.74%Technology Hardware & Equipment 822.01 -2.06%Software & Computer Services 732.06 -1.93%Industrial Engineering 6,633.00 -1.53%Industrial Metals & Mining 8,505.80 -1.47%