Sector movers: Miners lead the surge, Ferrexpo jumps 12%

6th Oct 2011 16:15

The miners were among the best performers on Thursday afternoon, helped higher by surging copper and silver prices.Ukraine-focused iron ore producer Ferrexpo was a notable performer, gaining over 12% on the FTSE 250 after it said that pellet production in August was the second highest in the company's history at 0.9m tonnes. Meanwhile, heavyweight miners Eurasian Natural Resource Corp, Antofagasta, Kazakhmys and Vedanta Resources were leading the rise on the FTSE 100.The sector, sensitive to swings in the global economic outlook, was in demand today on hopes that the European Union will take co-ordinated action to recapitalise the continent's struggling banks, as finance ministers seek a solution to the ongoing debt crisis.German chancellor Angela Merkel spoke out last night, saying, "I think it is important, if there is a general view that the banks are not sufficiently capitalised for the current market situation, that one does it....Germany is prepared to move to recapitalise. We need criteria. We are under pressure of time and we need to take a decision quickly," she said. Meanwhile, copper prices were 4.35% ahead, silver prices gained 2.93% while gold edged 0.21% higher.Edenville Energy also rose after announcing encouraging results from its resource at the Rukwa Coalfield project in Tanzania.There were no sectors in the red.BCTop performing sectors so far todayAutomobiles & Parts 4,168.77 +7.86%Industrial Metals & Mining 4,570.84 +7.80%Life Insurance 3,598.89 +6.28%Mining 19,048.82 +5.19%Banks 3,390.90 +4.94%Bottom performing sectors so far today