Sector movers: RSA lifts insurers, China data dampens miners

6th Jan 2014 15:11

The non-life insurance sector was the best performing category on Monday after strong gains from RSA Insurance, while mining stocks led the downside after some disappointing Chinese economic data.RSA was up nearly 7% at 98.2p in afternoon trade after positive comments from UBS which raised its target price for the stock from 100p to 113p and maintained a 'buy' rating. The bank added the stock to its 'Alpha Preferences Most Preferred List', saying: "While there are significant uncertainties, we think that the balance of risks is to the upside."Meanwhile, the broker also said that a takeover and break-up of RSA still "remains a possibility", following recent market chatter.Admiral, Jardine Lloyd Thompson, Amlin, Lancashire Holdings, Beazley, Hiscox and Direct Line were also trading in positive territory today.Mining stocks were the worst performers in London on Monday, as data out from China continues to indicate that growth by the world's top metals consumer slowed down towards the end of 2013.The HSBC/Markit Chinese service-sector purchasing managers' index (PMI) fell from 52.5 to 50.9 in December, indicating that growth had slowed to a small expansion last month. The 50-point mark separates expansion from contraction.This follows PMI data out last week which showed that manufacturing activity growth in the world's second-largest economy had also eased in December. Ishaq Siddiqi, Market Strategist from ETX Capital, said that the Chinese services data was "rather worrying as it suggests that the pace of growth in the world's second largest economy is starting to stall as the government attempts to transition the economy from an export led model to one reliant on domestic consumption".In spite of an increase in gold and silver prices today, precious metal producers Randgold Resources and Fresnillo were heavy fallers on the FTSE 100, along with Antofagasta, Rio Tinto and Anglo American.Centamin, however, bucked the trend after beating analysts' estimates with its fourth-quarter production results.Top performing sectors so far todayInsurance (non-life) 1,855.06 +1.79%Automobiles & Parts 8,858.93 +1.26%Aerospace and Defence 5,444.85 +1.03%Fixed Line Telecommunications 4,478.23 +0.85%Travel & Leisure 7,423.51 +0.84%Bottom performing sectors so far todayMining 16,044.01 -1.27%Industrial Metals & Mining 1,375.45 -1.19%Industrial Transportation 3,267.76 -0.65%Forestry & Paper 10,986.79 -0.58%Oil Equipment, Services & Distribution 21,885.32 -0.44%BC