Sector movers: Miners rise after JPMorgan comments

12th May 2014 13:52

Basic resource stocks were among the best performers on Monday after JPMorgan Chase & Co upgraded its rating for the European mining sector from 'underweight' to 'overweight', citing falling costs and improving demand from China.Rio Tinto and BHP Billiton were leading the way higher after the US bank named the two producers as the top picks in the sector. Others such as Antofagasta, Fresnillo and Anglo American were also on the rise this morning.Precious metals miner Polymetal was also a high riser after an audit of its Svetloye project in Russia found that it can deliver "capital-light, low-risk and low-cost production and cash flows in the medium-term".The moves also came as Chinese President Xi Jinping said that the economy needs to adapt to a "new normal" of slower growth. However, he added that the authorities must avoid risks and adopt "timely countermeasures to reduce potential negative effects", Xinhua reported.Top performing sectors so far todayMining 17,225.84 +2.44%Forestry & Paper 11,191.44 +2.26%Industrial Metals & Mining 1,259.83 +1.68%Software & Computer Services 1,184.40 +1.60%Tobacco 39,452.09 +1.33%Bottom performing sectors so far todayFixed Line Telecommunications 4,341.18 -1.54%Mobile Telecommunications 5,048.01 -0.75%Media 6,024.63 -0.59%Food & Drug Retailers 3,820.33 -0.58%General Retailers 2,890.16 -0.33%BC