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Sector movers: Oil and mining stocks fall as dollar strength hits commodities

Thu, 07th May 2015 17:17

Stocks in the UK oil and mining sectors on Thursday as political uncertainty prompted an aversion to risk on London's stock market.A stronger dollar was also to blame for falls in the resources categories as crude, gold and silver prices weakened.Data released during the session showed that continuing US jobless claims dropped to a 15-year low, buoying hopes about the American labour market ahead of the non-farm payrolls report on Friday.The dollar index, which measures the greenback against six other major currencies, rose 0.6% to 94.628 after recent weakness.Brent crude was 2.1% lower at $66.38 a barrel after the close in London, weighing on shares of oil majors BP and Shell, and second-tier peers Tullow Oil, Soco International, Petrofac, Premier Oil and Hunting.Gold also fell on the strong dollar with futures down 0.6% at $1,182.90 an ounce, while silver fell 1.1% to $16.33 an ounce.Precious metal producers Fresnillo, Randgold and Acacia Mining all declined, along with diversified mining giants Glencore, BHP Billiton, Anglo American and Rio Tinto. Top performing sectors so far todaySoftware & Computer Services 1,478.22 +2.34%Travel & Leisure 8,728.44 +1.43%Beverages 14,192.32 +0.94%Electricity 9,341.79 +0.87%Life Insurance 8,216.52 +0.78%Bottom performing sectors so far todayOil Equipment, Services & Distribution 18,261.89 -3.85%Oil & Gas Producers 7,415.43 -2.61%Mining 14,519.43 -2.53%Pharmaceuticals & Biotechnology 13,196.66 -1.97%Industrial Metals & Mining 1,992.40 -1.65%

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