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Sector movers: Miners sold off as dollar gains on euro crisis
Tue, 22 May, 2012
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Sector movers: Miners sold off as dollar gains on euro crisis
Mon, 30 Jan 2012, 15:11:00
The Eurozone crisis sparked a sell-off in the industrial metals and mining sector today, as ongoing talks in Greece and this afternoon's EU summit weighed on market sentiment. The absence of a debt-swap deal in Greece, the downgrade of five Eurozone nations, and a euro-era record high Portuguese 10-year bond yield saw investors shift away from the euro and into the dollar on Monday, making greenback-denominated commodities more expensive. Sector peers
Evraz, Discovery Metals, First Quantum Minerals, Talvivaara Mining and Ferrexpo
were suffering heavy losses in mid-afternoon trade. Meanwhile, the defensive categories seemed to be the only (relative) winners of the day, with pharmaceuticals, telecoms and utilities stocks registering modest gains as investors shifted away from riskier assets, such as banks and miners. Drug giants
AstraZeneca and GlaxoSmithKline
were lifting the pharmaceuticals and biotechnology sector to the top of the pile,
Vodafone
boosted telecoms stocks, while
International Power, National Grid, United Utilities and SSE
sparked a rise in the electricity and gas, water and multiutilities sectors. BC
Top performing sectors so far today
Pharmaceuticals & Biotechnology 9,935.40 +0.30% Mobile Telecommunications 3,989.88 +0.27% Electricity 7,728.53 +0.15% Gas, Water & Multiutilities 4,595.85 +0.09% Health Care Equipment & Services 3,465.77 +0.04%
Bottom performing sectors so far today
Industrial Metals & Mining 4,850.95 -4.13% Banks 3,697.18 -3.26% Life Insurance 4,168.41 -3.00% General Industrials 2,861.02 -2.48% Construction & Materials 3,423.85 -2.38%
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