Sector movers: Chinese data boosts mining stocks

Upbeat economic data from China boosted share prices in the mining sector on Friday as the outlook improved for the world's top metals consumer.Miners were extending gains made on Thursday after Chinese trade figures were well received by the market with both imports and exports smashing forecasts in July.Today it was revealed Chinese industrial production increased at an annual rate of 9.7% in July, an acceleration from the 8.9% rise in June and ahead of expectations (consensus forecast: +8.9%). This was the biggest jump since February "in a sign that the targeted investment by the government, in response to the slowing growth this year, is already having a positive impact," according to Market Analyst Craig Erlam from Alpari.Consumer-price inflation remained steady at 2.7% in July, under the expected increase to 2.8%. With inflation still well below the 3.5% government target, analysts believe it leaves Beijing with room to implement more stimulus to boost growth.Not all data beat forecasts though this morning, with Chinese retail sales growth falling slightly from 13.3% to 13.2% last month (consensus forecast: +13.5%). However, Erlam said that the retail figures should still be viewed as another positive point: "The fact that we're seeing growth of 13.2% on the retail side is what is needed in order to pick up some of the slack from the lower demand for Chinese exports, due to the recession in the Eurozone and slowing growth in other countries."Precious metals miners Fresnillo and Randgold were high risers on the FTSE 100 this morning as both attempt to claw their way back after disappointing the market earlier this week with a drop in first-half profits.Blue-chip peers Vedanta, Antofagasta, Glencore Xstrata, Anglo American, Rio Tinto, BHP Billiton and ENRC were also making decent gains.Top performing sectors so far todayIndustrial Metals & Mining 1,339.66 +7.46%Mining 16,671.90 +3.94%Forestry & Paper 11,353.01 +3.64%Banks 5,056.75 +1.44%Fixed Line Telecommunications 3,800.33 +1.42%Bottom performing sectors so far todayPersonal Goods 24,786.81 -0.96%General Retailers 2,638.67 -0.78%Household Goods & Home Construction 10,661.75 -0.62%Technology Hardware & Equipment 1,051.61 -0.59%Life Insurance 6,390.46 -0.58%BC Anglo American Rio Tinto Antofagasta Fresnillo Glencore