Sector movers: Miners gain after updates from Antofagasta, Anglo and Randgold

29th Jan 2014 15:21

Mining stocks managed to hold on to gains on Wednesday afternoon despite the wider market sell-off after some well-received production updates from a number of blue-chip metal producers.As stocks across the globe were pressured lower by continued concerns over the emerging markets ahead of the Federal Reserve's policy decision later on, Antofagasta, Anglo American and Randgold Resources were leading the mining sector higher before the close.Antofagasta was a high riser, gaining 6.5%, after unveiling a record year of copper production for 2013, supported by a strong output performance in the fourth quarter. Gold and molybdenum production both fell last year but 2014 guidance across all three asset classes managed to impress analysts.Anglo American, up 5.7%, also impressed as it reported an increase in iron ore, copper, nickel and thermal coal production in the fourth quarter.Randgold Resources rose 2.9% after saying that its Loulo-Gounkoto gold mine in Mali is likely to beat its revised production target for 2013.Meanwhile, platinum miner Lonmin was also on the rise ahead of its first-quarter update tomorrow. Panmure Gordon cut its target price for the stock today but said that labour disputes - resulting in a strike last week - should "settle" down once wage negotiations conclude.Rising precious metal prices were also helping shares of African Barrick Gold, Petropavlocks, Polymetal and Fresnillo higher.Top performing sectors so far todayIndustrial Transportation 3,279.51 +1.13%Mining 16,200.78 +0.35%Oil Equipment, Services & Distribution 21,170.23 +0.15%Industrial Engineering 10,108.74 +0.06%Forestry & Paper 9,936.58 +0.05%Bottom performing sectors so far todayIndustrial Metals & Mining 1,123.34 -4.95%Health Care Equipment & Services 4,899.23 -1.76%Life Insurance 6,670.24 -1.65%Tobacco 33,303.59 -1.51%Automobiles & Parts 9,048.31 -1.45%BC