Sector movers: Miners lead FTSE 100 as socio-political uncertainty lurks around

Mining companies largely led the FTSE 100 index as uncertainty surrounding the UK general election and lacklustre manufacturing data tempered trading on Friday.

In economic data, the UK manufacturing purchasing managers' index (PMI) unexpectedly dropped to 51.9 in April from a revised 54 in March, surprising analysts who expected an increase to 54.6. This was the lowest rate of growth (measured by figures over 50) since September 2014.

At 16:30 BST, the blue chip index was marginally up 0.36% or 25.32 points at 6985.95 with mining, minerals and metals stock nudging the market higher.

Natural resources stock largely benefitted from strengthening of the base metals market in anticipation of higher emerging markets demand, with copper trading its highest levels for the year to date and the nickel contract reversing recent six-year lows.

Within the FTSE 100, Anglo American (up 5.43%), Vedanta (up 5.43%), Rio Tinto (3.88%) and BHP Billiton (2.98%) led the way. The net effect drove the mining index higher by 2.73% or 396.89 points at 14,957.12.

Away from mining, both tobacco blue chips – British American Tobacco (up 1.32%) and Imperial Tobacco (up 1.16%) were firmly in the green. However, Lloyds bank provided the story of the day leading banking stocks higher.

Lloyds saw shares jump over 7% after the bank delivered a bigger-than-forecast 21% increase in underlying profits in the first quarter as impairment charges more than halved. The UK lender also lifted its net interest margin guidance for the full year and improved its capital position.

Going the other way, real estate investment trusts finished firmly in the red with the segment index down 1.11% following a pre-election sell-off driven by profit taking. Town Centre Securities (down 3.59%) was the biggest faller in the segment, with Londonmetric (down 1.76%), Land Securities (down 1.60%), Derwent (down 1.40%) and British Land (down 1.32%) among the bigger names to register share price drops.

Top five sectors

Mining 14,957.12 +396.89 +2.73%
Health Care Equipment & Services 6,769.44 +102.45 +1.54%
Tobacco 43,455.49 +545.34 +1.27%
Industrial Metals & Mining 1,890.95 +22.65 +1.21%
Banks 4,641.04 +47.60 +1.04%