Sector movers: Mining stocks dented by Greek concerns

15th May 2012 15:52

Mining stocks continue to bear the brunt of recent sell-offs on the back of concerns over the ongoing Eurozone debt crisis.Metals prices are under pressure again today as worries over the escalating political situation in Greece continue to prompt speculation that the nation could leave the euro if it defaults on its debts. In the latest news, Greek leaders have announced their inability to form a coalition government and will have to hold a new round of elections as a result.Vedanta Resources, Kazakhmys, Rio Tinto and ENRC were among the worst performers on the FTSE 100, while Aquarius Platinum, Kenmare Resources, Lonmin and Petropavlovsk were heavy fallers on the second-tier index.In contrast, the telecoms stocks were in favour today as investors continue to flee from risk and into the more defensive sectors. BT Group was among the best-performing constituents, helped by an Espirito Santo upgrade. The Portuguese broker has lifted its rating on the stock from sell to neutral following last week's full-year results, highlighting the margin performance at BT's global services division and the low costs associated with its fibre broadband rollout.Top performing sectors so far todayFixed Line Telecommunications 2,389.48 +1.29%Mobile Telecommunications 3,949.23 +0.57%General Industrials 3,037.13 +0.40%Aerospace and Defence 3,601.28 +0.27%Tobacco 36,021.97 +0.17%Bottom performing sectors so far todayMining 17,927.47 -1.64%Forestry & Paper 5,482.62 -1.45%Software & Computer Services 758.21 -1.45%Industrial Engineering 7,117.36 -1.40%Life Insurance 3,953.82 -1.21%BC