Sector movers: Mining, Big Oil race to the top

Nevertheless, just after the closing bell in London rang US short-term rates changed direction and headed higher, giving the greenback a shot in the arm, possibly leaving some metals and oil futures traders suffering from whipsaw.

Shares in the likes of Anglo American, BHP, Glencore and Hochschild on the other hand were saved by the closing bell, finishing significantly up on the day.

“In light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months,” US Federal Reserve chair Janet Yellen said in a prepared speech.

To take note of, following her speech her number two at the Fed, vice-chair Stanley Fischer, told CNBC her comments were consistent with a possible September hike and two rate hikes before 2016 was out.

"But these are not things we know until we see the data [...] because the picture is a very complex one," he added.

The elections could influence things happening in the economy and there was a case for fiscal policy and infrastructure investment in order to boost productivity, but those decisions were the remit of Congress and the President, he said.

The trading dynamic seen among the big oil stocks such as Royal Dutch, Tullow Oil and BP was much the same.

BAE Systems was given a boost after Berenberg upgraded the stock to ‘buy’ from ‘hold’ and lifted the price target to 580p from 520p, pushing its sector gauge higher.

Top performing sectors so far today

Mining 11,890.44 +2.74%
Oil Equipment, Services & Distribution 15,438.49 +2.74%
Aerospace and Defence 4,646.24 +1.67%
Oil & Gas Producers 7,176.28 +0.96%
Industrial Engineering 9,649.16 +0.94%

Bottom performing sectors so far today
Industrial Metals & Mining 1,360.11 -0.86%
Pharmaceuticals & Biotechnology 14,410.97 -0.65%
Industrial Transportation 3,105.98 -0.52%
Tobacco 56,281.51 -0.38%
Real Estate Investment Trusts 2,978.80 -0.26%