Whilst it’s perfectly acceptable to get swept up in the storm of headlines that follow profits warnings, it’s much harder to assess the overall impact of these sensational events.

So while many traders were focused on the share price declines of Provident Financial, WPP and Dixons Carphone, they may have missed the Mining sector charging to the top of the UK 100 , putting the index on course for a nearly 1.5% gain for the week.

The miners, who form one of the largest sectors on the UK 100 by weighting, have capitalised on gains for most major base metals – with the exception of Iron Ore – as they extend their foray into multi-year highs.

In particular, Copper reaching a fresh 3-year high helped Antofagasta and Rio Tinto to the top of the UK 100 performance table, with the latter providing the greatest positive contribution over the week as it traded a fresh 4 and a half year high marginally above 3740p.

Whilst pre-2008 highs over 5920p look a little out of the question, RIO is fast approaching another milestone in the form of 2012’s 4000p highs. All of which is not bad considering the stock was floundering below 1600p just 18 months ago.

Other notable breakout’s from the sector include Glencore, topping March’s highs of 345p to trade at a 3-year high, and BHP Billiton finally bettering the 1400p highs of earlier this month to trade a near 8-month high. However, there’s more on the horizon for Mining bulls to get excited about.

Over the coming shortened week, major Chinese macroeconomic data has the potential to move commodity prices – whether for better or for worse – whilst oil refineries in Texas will provide details of any damage received as a result of the strongest hurricane to make US landfall in 12 years.

Should the Manufacturing PMI print recover after last month’s surprise consensus miss, it could also prove supportive for Miners, whilst a lengthy closure of US oil refineries could help inspire Crude Oil prices to break out of their recent narrowing patterns, inspiring bullishness across commodities space.

Despite the loss of a trading session for the UK 100 , this means no less excitement, and with the possibility of increased volumes following many traders’ summer break, it’s all to play for.

The extended weekend will likely create far greater share price movements on Tuesday’s open than usual, making it even more important than usual to have a thorough an insightful morning report in order to prepare for the day ahead. Thankfully, Accendo Markets‘s offering is just that, with major media outlets including our comments regularly in their opening reports. But don’t just take my word for it, try it out for yourself by signing up here to have it delivered directly to your inbox before the market opens.

As always, have a lovely weekend, and enjoy the peace of an alarm-free Monday morning.

Henry Croft, Research Analyst, 25 August