Sector movers: Miners jump on improved US outlook

3rd May 2013 15:28

Mining stocks surged on Friday as the outlook for the world's largest economy brightened after labour-market data smashed expectations.Increased risk appetite sent the resource-heavy FTSE 100 up over 1.0% in afternoon trade with ENRC leading the way, gaining 8.3% to 284.2p.Antofagasta, EVRAZ and Polymetal were following closely behind, along with newly-merged Glencore Xstrata which was up 4.8% on its first day of trading as a combined group.US non-farm payrolls increased by 165,000 last month, well ahead of the 140,000 increase expected, while March's measly 88,000 gain was revised up to 138,000. February's figure was also revised higher from 268,000 to 332,000.The unemployment rate inched lower to 7.5%, surprising those who had expected it to stay at 7.6%."Wow. Not only was the April figure better than expected, but March came back from the dead and February went through the roof," said Marcus Bullus, Trading Director at MB Capital. "The US economy has just plucked victory from the jaws of defeat, and comprehensively so. This latest jobs data will erase any fears that arose from last week's weaker than expected GDP data. It's game on for the US all over again," he said.Top performing sectors so far todayIndustrial Metals & Mining 1,752.82 +6.19%Mining 17,083.52 +4.07%Oil Equipment, Services & Distribution 23,205.44 +3.10%Life Insurance 6,050.64 +2.76%Industrial Engineering 9,288.51 +2.69%Bottom performing sectors so far todayFixed Line Telecommunications 3,249.34 -0.86%Mobile Telecommunications 4,515.39 -0.26%Tobacco 39,714.08 -0.19%Pharmaceuticals & Biotechnology 11,087.73 -0.10%Household Goods & Home Construction 10,341.08 -0.09%BC