Sector movers: Mining shares dive

20th Jan 2011 16:09

The mining sector is having a bad day as a potential rate hike in China plays on investors' minds. The Chinese economy grew at a higher-than-expected rate in the fourth quarter which could see the country raise interest rates to curb rising inflation, and in turn, reduce the demand for commodities.Fresnillo, African Barrick Gold, Kazakhmys, Eurasian Natural Resources Corp, Xstrata, Anglo American and Vedanta Resources are losing in the FTSE 100, all posting losses of 4% or more.BHP Billiton is also lower despite announcing that iron ore production and shipments for both the half year and quarter hit record levels.Only three sectors are making gains on Thursday, with 'gas, water and multiutilities', 'banks' and 'electricity' only slightly higher.Top performing sectors so far todayGas, Water & Multiutilities 4,417.72 +0.57%Banks 5,039.60 +0.08%Electricity 7,439.66 +0.01%Aeronautics and Defence NULL 0.00%Alternative Investment Instruments NULL 0.00%Bottom performing sectors so far todayTechnology Hardware & Equipment 688.61 -4.48%Mining 25,810.95 -4.14%Personal Goods 18,348.04 -3.73%Industrial Engineering 6,436.81 -3.28%Automobiles & Parts 4,984.76 -3.22%