Sector movers: Miners take the lead

2nd Nov 2009 13:44

Miners are the strongest performers thanks to sharply higher metal prices and news that Randgold Resources is keen to bring the renamed Kibali mine into production as soon as possible.Randgold and its joint venture partner AngloGold Ashanti agreed on Saturday to buy an additional 20% stake in the project, formerly called Moto, for $113.6m from the Congo government. Following this transaction they will each hold 45% of the project, with state-owned OKIMO retaining 10%. Rio Tinto, meanwhile, has been boosted by a 'buy' note from Citigroup and renewed speculation that sector leader BHP Billiton will exhume its bid for Rio. Elsewhere in the sector ENRC, Kazakhmys, Lonmin and Vedanta are all sporting big gains. Insurers such as Legal & General, Standard Life and Old Mutual are weaker as concerns grow that global stock markets have got a bit 'toppy'.Top performing sectors so far todayMining 18,116.32 +2.79%Construction & Materials 3,433.69 +1.57%Forestry & Paper 3,682.73 +1.36%Fixed Line Telecommunications 1,923.69 +1.18%Mobile Telecommunications 3,122.36 +1.07%Bottom performing sectors so far todayLife Insurance 3,647.55 -1.49%Real Estate 1,968.58 -1.44%Pharmaceuticals & Biotechnology 8,326.29 -0.94%Industrial Engineering 3,557.01 -0.80%Industrial Transportation 1,911.30 -0.69%