LONDON (ShareCast) - Mining stocks are going strong despite cautious updates from two sector heavyweights.
BHP Billiton (LSE: BLT.L - news)
said it agreed to cut the price of metallurgical coal, which is used by steelmakers, by 58% for the current shipping year.
Kazakhstan-based Eurasian Natural Resources (ENRC) anticipates that pressure on prices for most of its commodities will remain into the second half of 2009, particularly as a supply surplus remains in most markets.
ENRC leads the sector higher though, with the outlook for commodities brightened by news that property sales and investment in China are accelerating.
Engineer Charter International leads the industrial engineering sector lower after it said that if difficult conditions seen in May persist, it anticipates the outcome for 2009 will be materially lower than its previous expectations.
Top performing sectors so far today
Mining 15,997.94 +4.60%
Industrial Metals 4,571.01 +3.82%
Banks 3,944.90 +2.56%
Oil & Gas Producers 7,600.64 +2.20%
Life Insurance (LINS.PK - news) 3,072.10 +2.10%
Bottom performing sectors so far today
Industrial Engineering 2,704.41 -2.62%
Construction & Materials 3,620.68 -0.28%
Mobile Telecommunications 2,635.98 -0.01%
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