Sector movers: Copper lifts miners, big tobacco hit by FDA letter

Miners led London stocks higher on Friday while tobacco stocks fell as investor remained sensitive to news.

Miners were lifted as copper prices jumped on the back of bullish Chinese trade data, sparking rises for the likes of Antofagasta, Anglo American and Rio Tinto.

China's imports of wrought copper products hit a two-and-half-year high, while copper concentrate imports hit a record high.

"The Chinese authorities are clamping down on scrap, and that has prompted the import of other variations of the metal," said market analyst David Madden at CMC Markets. "Even though the official China trade data showed that total imports undershot expectations, and showed slower growth, the red metal still rose."

Gold miners such as Fresnillo were still on the front foot a day after the yellow metal raced to a 10-week high as global risk aversion spiked, with a depreciating dollar also boosting appetite to send prices powering above $1,225.

"Although gold prices are noticeably weaker this morning, bulls remain in the driving seat above the $1,213 level," said Lukman Otunuga at FXTM. "While the technical outlook points to further upside, fundamentals are still in the bear’s favour. With the dollar supported by safe-haven flows and prospects of higher U.S. interest, the medium- to longer-term outlook remains negative for gold."

On the downside, tobacco stocks were under pressure amid worries about tougher regulations, with Imperial Brands and British American Tobacco both lower.

BAT's Reynolds American arm and Imperial's Fontem Ventures was one of 21 manufacturers of electronic cigarettes to receive a letter from the US Food and Drug Administration on Friday, Reuters reported, which is seeking information to assess whether the products are being marketed illegally.

Last month the FDA's gave companies 60 days to submit "robust" plans to curtail youth vaping or risk their products being taken off the shelves, with FDA commissioner Scott Gottlieb highlighting his concern what the agency sees as rising youth use in these products.

Top performing sectors so far today

Industrial Metals & Mining 4,995.04 +4.11%
Leisure Goods 8,043.71 +2.71%
Oil Equipment, Services & Distribution 15,027.92 +2.67%
Technology Hardware & Equipment 944.89 +2.39%
Electronic & Electrical Equipment 6,016.05 +2.25%

Bottom performing sectors so far today

Tobacco 37,158.99 -4.42%
Automobiles & Parts 7,744.26 -3.28%
Gas, Water & Multiutilities 4,712.18 -1.40%
Pharmaceuticals & Biotechnology 13,729.91 -0.66%
Industrial Transportation 2,641.89 -0.53%