Sector movers: Miners dragged lower by updates and metals prices

The miners were out of favour on Friday, dragged lower by some announcements by blue chip metals producers and falling metals prices,Anglo American, the UK-listed multi-metal mining giant allegedly eyeing up a counter bid for Macarthur Coal, has walked away from the potential acquisition, according to people close to the situation. Shares dropped into the red.Strikes at BHP Billiton's metallurgical coal mines in Australia were dragging down the share price. Labour unrest is expected to continue over the weekend and early next week.Multi-metal mining colossus Rio Tinto was lower after saying that it is to invest $310m to assure a sustainable water supply for its iron ore operations in Pilbara, Western Australia. Platinum miner Eurasia Mining saw shares fall after reporting that pre-tax losses increased from over the same period the previous year from £187m to £389m. Also, not helping matters for the sector were falling metals prices. As of the close on Friday afternoon, copper, silver and gold prices were 2.79%, 1.5% and 0.25% lower, respectively.Meanwhile, the tobacco sector was the only sector in the blue, with Imperial Tobacco providing a lift.The stock was recovering from two days of losses which came on the back of a Goldman Sachs downgrade. On Wednesday, the US investment bank cut its rating to neutral in its latest review of European consumer firms and reduced its target price from 2,400p to 2,190p."Based on our current macro outlook (world real GDP growth of 4.3% in 2012E) and the lack of upside we see to consensus expectations in FY11-12, we have a Neutral view on Imperial Tobacco," the report said. Shares were clawing their way back, gaining 1.26% to 2,086p. BCTop performing sectors so far todayTobacco 31,434.82 +0.36%Bottom performing sectors so far todayIndustrial Metals & Mining 5,626.62 -3.31%Automobiles & Parts 4,271.65 -2.92%Construction & Materials 2,985.48 -2.64%Mining 21,440.76 -2.51%Personal Goods 21,073.76 -2.50%