Sector movers: Miners track metals higher after Bernanke comments

11th Jul 2013 15:49

Rising commodity prices lifted equities in the mining sectors on Thursday with gold stocks among the best performers as the price of the precious metal jumped the most in a year on the back of comments from Federal Reserve Chairman Ben Bernanke.Bernanke said last night that the US economy needs "highly accommodative monetary policy for the foreseeable future" and assured markets that a increase in interest rates wouldn't be coming anytime soon. The remarks sparked a near-3.0% climb in gold futures for August delivery to $1,284.60 an ounce earlier on, the biggest jump for a most-active contract since June 2012, according to Bloomberg. Silver meanwhile was up 4.3% and platinum 2.5%.Copper prices were advancing too, with futures for September delivery at a three-week high of $3.201 a pound earlier in the session. Gold and silver group Fresnillo was the standout performer of the day on the FTSE 100, rising nearly 13%. Randgold, Anglo American, Antofagasta, Rio Tinto, BHP Billiton, Vedanta and Glencore Xstrata were also higher.African Barrick Gold was leading the risers on the FTSE 250, followed closely behind by precious metals peers Polymetal, Hochschild, Lonmin and Centamin.Top performing sectors so far todayMining 15,093.42 +4.48%Industrial Metals & Mining 1,174.49 +2.71%Oil Equipment, Services & Distribution 23,770.72 +1.56%Beverages 14,854.01 +1.35%Real Estate Investment Trusts 2,504.99 +1.29%Bottom performing sectors so far todayAutomobiles & Parts 7,603.39 -1.16%Pharmaceuticals & Biotechnology 11,529.92 -0.72%Industrial Transportation 2,909.94 -0.56%Support Services 6,109.06 -0.50%Insurance (non-life) 1,825.42 -0.38%BC