Sector movers: Miners under pressure

14th May 2010 13:14

Mining stocks are under pressure as concerns over economic conditions in Europe stoke fears over state of the global economy generally Southern European countries such as Greece, which has had to turn to its eurozone peers to stop its debt crisis from spilling over, and Portugal, which also has a difficult fiscal situation, are the main focus of attention. The UK is also a cause for concern, with measures the new government will take to tackle the deficit likely to result in subdued consumer spending.Xstrata, Rio Tinto and BHP Billiton are among the mining stocks in the red, as commodity prices slip back. Gold prices have moved ahead though as investors seek refuge from the turmoil and this has boosted the share price of miners of the precious metal such as Mexican silver and gold specialist Fresnillo.Bottom performing sectors so far todayIndustrial Metals & Mining 5,612.33 -3.88%Mining 21,282.93 -3.70%Forestry & Paper 4,621.99 -3.09%Automobiles & Parts 3,184.45 -2.99%Real Estate Investment Trusts 1,749.57 -2.82%