Sector movers: Miners on the march

1st Dec 2009 13:32

Buoyant manufacturing data from China is lifting miners. HSBC said the Purchasing Manager's Index (PMI) for China climbed to a seasonally adjusted 55.7 in November from 55.4 in October. The index has only been at this high a level in its first month of existence, in April 2004. The Chinese government's PMI, also released today, was unchanged in November.ENRC is the outstanding performer in the sector after an upgrade from Credit Suisse, outdoing even Xstrata, which has agreed to sell its 19.9% stake in Australian gold and copper miner Indophil Resources to Zijin Mining Group. Chinese mining company Zijin is using the Xstrata stake as a launch-pad for a bid for Indophil. It paid AU$1.28 per share for Xstrata's stake.Rio Tinto is also on the up despite the proposed sale of 56% of the Alcan Engineered Products Cable division to private equity investor Platinum Equity falling through.Real estate stocks are lower despite the broader rally and a good performance from Shaftesbury the property company with assets in London's Chinatown and Covent Garden, which today said the economy in London's West End remains resilient.'Demand for our shops, restaurants and residential accommodation has remained healthy and our rental income continues to grow strongly,' said John Manser, Shaftesbury's chairman.Top performing sectors so far todayAutomobiles & Parts 2,578.89 +3.67%Mining 21,034.69 +2.92%Forestry & Paper 3,667.65 +2.87%Tobacco 23,200.02 +2.76%Construction & Materials 3,268.71 +2.42%Bottom performing sectors so far todayReal Estate 1,958.11 -2.45%Industrial Metals 5,070.81 -0.35%Industrial Transportation 1,889.23 -0.12%