LONDON (SHARECAST) - Mining stocks were in demand on Friday afternoon after US economic growth data beat expectations, boosting the outlook for the global economy and metals demand worldwide.
US gross domestic product (GDP) increased at an annualised rate of 2.0% in the third quarter, well ahead of the 1.3% growth seen in the preceding three months and the 1.8% expansion expected.
Copper prices were up 0.3% today at $7,835 a tonne, rebounding from the seven-week low of $7,815 a tonne yesterday. Aluminium, lead, zinc and nickel prices also rose.
In London, Anglo American, EVRAZ, ENRC and Xstrata were among the best performers on the FTSE 100 today.
Anglo was gaining after announcing that it is on the look out for another Chief Executive Officer after Cynthia Carroll revealed her decision to resign.
"It is a very difficult decision to leave, but next year I will be entering my seventh year as Chief Executive and I feel that the time will be right to hand over to a successor who can build further on the strong foundations we have created," she said.
Top performing sectors so far today
Industrial Metals & Mining 2,578.29 +2.18%
Personal Goods 18,325.49 +1.49%
Mining 18,816.84 +0.93%
Automobiles & Parts 4,807.06 +0.64%
Food & Drug Retailers 4,010.79 +0.64%
Bottom performing sectors so far today
Oil Equipment, Services & Distribution 24,032.95 -1.09%
Technology Hardware & Equipment 839.78 -0.95%
Life Insurance 4,716.55 -0.91%
Industrial Transportation 2,379.90 -0.89%
Tobacco 35,453.17 -0.66%