Sector movers: Commodity price strength boosts miners
Mining stocks move higher this morning on the back of stronger commodity prices. The big hitters in the sector are all sharply higher with the exception of Vedanta which, though firmer, lags behind its peers.
Asia-focussed gold miner Archipelago Resources joins in the upturn following news that its Toka Tindung Gold Project has moved one step closer to approval.
The parliament of North Minahasa Regency, Sulawesi, has issued a decree ratifying the parliament's 15 November vote in support of the project, and it is expected that a copy of the decree will now be sent to the State Minister for the Environment to show regional political support for the project.
All technical aspects of the project have already been cleared by the State Ministry for the Environment and the company hopes that the decree will clear the way for approval of the project in respect of the environmental impact.
The Company's 85% owned Toka Tindung Gold Project in Sulawesi, Indonesia has a defined resource of 1.7m ounces (oz) gold equivalent of which 0.9m oz will initially be mineable by open pit.
Telecom stocks are out of favour this morning. News that BT has won a £98m contract with Virgin Media failed to shift the share price.
BT Wholesale and Virgin Media have signed a new five year managed network telephony agreement worth £98m.
Under the terms of the agreement, BT Wholesale will manage the operation and maintenance of Virgin Media's UK fixed-line voice switching network and a number of Virgin's existing support contracts with specialist third-party hardware and software suppliers.
Top performing sectors so far today
Forestry & Paper 4,677.50 +3.95%
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Mining 24,961.40 +2.51%
Automobiles & Parts 4,947.10 +2.20%
Technology Hardware & Equipment 283.00 +2.13%
Real Estate 3,717.50 +2.06%
Bottom performing sectors so far today
Mobile Telecommunications 4,186.10 -0.60%
Fixed Line Telecommunications 3,735.80 -0.40%
Oil Equipment Services & Distribution 14,260.80 -0.17%
Food Producers & Processors 4,775.10 -0.15%
Industrial Transportation 3,223.60 -0.10%
