Mining stocks were under the cosh on Monday following a call from analysts at JP Morgan to take profits in the sector because stalling economic growth in the US and more significantly in China, are expected to offset the US Fed´s third round of asset purchases.
Sector giant Bumi was especially hard hit after it said it was investigating allegations of financial and other irregularities at its Indonesian operations.
The investigation centres on PT Bumi Resources, in which the company has a 29% interest, with particular focus on that firm's development funds.
"The extensive development funds in PT Bumi Resources Tbk and the one development asset in PT Berau Coal Energy Tbk were marked down to zero in the accounts of Bumi plc as at December 31st 2011, except for one investment with a carrying value of $39m in the consolidated financial statements," the statement said.
It added the independent investigation would examine the allegations on an urgent basis and report to the board.
Cable & Wireless Communications continued its recent revival in a buoyant telecommunications sector, after inking a social telecoms contract in Panama.
Cable & Wireless Panama has been awarded a $7.4m two year contract to implement a 'Hospital Information System' (HIS) to improve administration and patient care in all 43 Panamanian hospitals and medical centres funded by social security contributions.
The new information technology (IT) system will find its way into around half the nation's public hospitals, and will enable patient records to be stored digitally for easier networked access.
Hospital administrators will receive reporting tools enabling them to manage each hospital more efficiently using performance metrics - such as time taken to care for patients and the cost of treatment. They will also be able to manage resources better - being able to view usage levels of drugs, blood and other inventory items. The digital medical records will be fully integrated with each hospital's accounting system ensuring further efficiency.
Cable & Wireless Communications owns 49% of Cable & Wireless Panama, as does the Panamanian government; the remaining 2% of the company is owned by its employees.
Top performing sectors so far today
Health Care Equipment & Services 3,885.82 +0.86%
Industrial Transportation 2,372.94 +0.71%
Household Goods & Home Construction 7,575.72 +0.67%
Fixed Line Telecommunications 2,741.58 +0.57%
Pharmaceuticals & Biotechnology 9,836.08 +0.55%
Bottom performing sectors so far today
Industrial Metals & Mining 2,837.99 -3.29%
Automobiles & Parts 5,115.69 -3.19%
Electronic & Electrical Equipment 3,437.87 -1.67%
Mining 18,442.25 -1.62%
Industrial Engineering 7,642.70 -1.45%