Sector movers: Miners bounce on position squaring, Rolls Royce wanted

Mining stocks bounced back at the end of the week despite another move lower for iron ore prices.

However, COMEX-traded July 2017 copper was on the up after another brusing week, bouncing back by 0.78% to $2.5310 a pound. So too, downwards pressure on gold futures abated, possibly as short-sellers squared positions going into the weekend.

COMEX gold was up by 0.09% at $1,229.70/oz., while spot iron ore prices retreated from $62.0 a metric tonne to $59.4.

Against that backdrop, precious metals miners were pacing gains, with Acacia Mining, Hochschild Mining and Randgold Resources three of the biggest risers in that space.

Aerospace and Defence was also higher, with Rolls Royce powering ahead as Goldman Sachs its Conviction List Buy recommendation on the engineering firm,

Rolls Royce said on 4 May it expected flat free cash flow year-on-year in 2017 but by 2020 Goldman Sachs estimated the company would be generating £1.56bn of it.

Shell have Oil&Gas a boost as analysts at SocGen upgraded the shares from 'Hold' to a 'Buy'.

Helping things along, Brent crude futures were bouncing back after hitting an overnight low $46.64 a barrel ibn ICE trading.

Top performing sectors so far today
Mining 14,275.97 +2.82%
Aerospace and Defence 5,286.96 +2.55%
Oil & Gas Producers 7,650.56 +1.96%
Food & Drug Retailers 2,944.70 +1.60%
Electricity 8,435.94 +1.57%

Bottom performing sectors so far today
Insurance (non-life) 2,976.26 -1.02%
Banks 4,242.98 -0.80%
Electronic & Electrical Equipment 5,974.28 -0.58%
Food Producers & Processors 8,231.61 -0.44%
Pharmaceuticals & Biotechnology 13,761.12 -0.44%