Sector movers: Rio Tinto's bid lifts miners

29th Mar 2011 16:00

Rio Tinto is among the best performing miners lifting the sector higher after its A$3.9bn bid for Australian coal miner Riversdale was declared unconditional.Eager shareholders who've already sent off their acceptance forms will get the $16 a share offered by 5 April, but will be watching closely to see if Rio gets enough backing to see that increased to $16.50.An aeromagnetic survey commissioned by Mozambique-focused metals explorer Baobab Resources has shown up a new target at the flagship Tete iron/vanadium/titanium project, sending shares higher.Also wanted is AIM-quoted Altona Energy after its joint venture with Chinese partner CNOOC-NEIA has started the bankable feasibility study on the Arckaringa project.The technology hardware and equipment sector is the worst performing sector, with IQE among those on the decline, despite reporting strong 2010 results.Strong growth in the smartphone market helped drive revenues higher at IQE, which supplies wafers for semiconductors used in the gadgets. Revenues grew 38% from the previous year to £72.7m, while pre-tax profits tripled to £6.3m.BCTop performing sectors so far todayTobacco 28,038.99 +1.40%Mining 26,440.12 +1.28%Mobile Telecommunications 4,099.85 +1.10%Electricity 7,707.33 +0.64%Forestry & Paper 6,295.86 +0.60%Bottom performing sectors so far todayTechnology Hardware & Equipment 728.69 -1.45%Insurance (non-life) 1,545.87 -0.99%Industrial Transportation 2,569.71 -0.88%Banks 4,704.55 -0.86%Oil Equipment, Services & Distribution 24,708.95 -0.85%