Sector movers: Randgold and Anglo lead miners higher after Fed minutes

23rd Aug 2012 16:30

Last night's release of the minutes of the latest policy-setting meeting in the US drove stocks higher today, with mining stocks gaining on hopes that the Federal Reserve will inject more stimulus to give the world's largest economy a kick start, lifting the outlook for demand.Randgold was a high riser today after releasing a statement to welcome the appointment of a new interim government in Mali which "represents a further step towards the full normalisation of the country following the coup attempt earlier this year." Chief Executive Mark Bristow said: "We have often said that we have confidence in the ability of Mali's people to resolve their differences in a constructive manner and, while there is still some way to go, this confidence remains unshaken. In the meantime, we continue to stay in touch with all parties and to monitor the situation closely," Anglo American rose after signing a deal with Chilean miner Codelco to end their 10-month dispute over the Sur unit. Anglo will see a 29.5% in the division for around $2.8bn.Sector peers Fresnillo, Antofagasta, Glencore and Polymetal were also putting in a decent performance.One stock limiting gains in the mining sector today was Kazakhmys, the Kazakhstan-focused copper miner. Shares dropped over 4% after the company more than halved its dividend as surging costs and falling commodity prices dented its bottom line in the first half.Top performing sectors so far todayTobacco 37,474.04 +1.29%Health Care Equipment & Services 3,709.88 +1.27%Mining 18,201.80 +0.94%Electronic & Electrical Equipment 3,353.73 +0.65%Beverages 12,532.97 +0.53%Bottom performing sectors so far todayReal Estate Investment Trusts 2,091.78 -1.10%Gas, Water & Multiutilities 5,232.19 -0.85%Industrial Transportation 2,262.42 -0.84%Electricity 8,333.72 -0.58%Real Estate Investment & Services 1,741.32 -0.45%