Sector movers: Miners higher as metals prices rise

21st Jun 2011 14:26

Resource-related stocks are on the rise on Tuesday, with the mining sector making solid gains, tracking commodities prices higher.Copper and gold prices are higher as of 14:45 on Tuesday afternoon. Copper futures are $3.85 up (+0.94%) at $413.10, while gold futures are edging $0.40 up (+0.03%) at $1,542.40.Blue chips Kazakhmys, Antofagasta, Fresnillo and Lonmin are on the rise.Sector peer Rio Tinto is also firmer following its notice that it is to raise its stake in Toronto- and New York-listed Ivanhoe Mines after exercising its remaining warrants for the ongoing development of the copper and gold Oyu Tolgoi project in southern Mongolia. Russian gold miner Petropavlovsk is going well after production was ahead of target in the first five months of 2011. The company said it would not need to seek additional funding for its expansion plans. Meanwhile, the beverages sector is under the weather, with brewing giant SABMiller providing a drag.SABMiller fell after its £7.30bn offer for Australian rival Foster's Group was rejected by the Foster's board, as it "believes that the proposal significantly undervalues the company."Nomura said that while the rejection is likely to prompt the group to plan a higher bid, it would highlight some uncertainty around its financing. ---BCTop performing sectors so far todayIndustrial Metals & Mining 7,018.57 +2.39%Software & Computer Services 746.84 +2.05%Forestry & Paper 6,489.74 +2.03%Oil & Gas Producers 8,156.16 +1.99%Mining 24,398.15 +1.97%Bottom performing sectors so far todayBeverages 9,517.48 -1.06%Household Goods & Home Construction 6,483.16 -0.47%Media 4,186.67 -0.16%Pharmaceuticals & Biotechnology 9,183.29 -0.12%Food & Drug Retailers 4,708.38 -0.11%