Sector movers: US jobs data boosts industrial miners

5th Oct 2012 15:22

Mining stocks were among the best performers on Friday afternoon after a better-than-expected employment report from the States improved the demand outlook for commodities.US non-farm payrolls increased by 114,000 in September, ahead of the previous gain of 96,000 and the 111,000 rise expected by analysts. The unemployment rate dropped to 7.8% from 8.1%, the first time the jobless rate has fallen below 8.0% since Barack Obama became President.Shares in industrial metals and mining companies surged on the news as copper prices edged higher. Analyst Michael Gapen from Barclays Research said that the better-than-expected report is unlikely to alter the Federal Reserve's plans for more quantitative easing (QE): "We think the unemployment rate would need to decline further from here in the October and November reports before the Fed would think about not fully converting its Treasury purchases under Operation Twist to open-ended purchases," he said.Evraz was a high riser today, gaining 3.58% to 253.88p by 15:52. The company announced yesterday that it has acquired an indirect controlling interest in OJSC Raspadskaya, one of Russia's largest producers of coking coal and a supplier to the Russian steel firm. FTSE 250 miner Ferrexpo was also making gains this morning despite Morgan Stanley cutting its target price for the stock from 270p to 240p this morning. The US broker maintained its 'overweight' recommendation though.Top performing sectors so far todayIndustrial Metals & Mining 2,786.53 +4.13%Forestry & Paper 6,866.74 +2.57%Personal Goods 16,540.16 +2.40%General Industrials 3,337.88 +2.38%Construction & Materials 3,471.59 +2.01%Bottom performing sectors so far todayFood & Drug Retailers 3,984.19 -1.12%Chemicals 8,695.53 -0.26%Health Care Equipment & Services 3,840.49 -0.26%BC.