Sector movers: Defence and energy pace losses at the start of the week

(Sharecast News) - Aerospace&Defence and Oil&Gas paced declines at the start of the week in a mixed session for FTSE 350 shares. Dragging on both sectors, at the weekend, Ukrainian President Volodymyr Zelensky reiterated that his government was open to discussing adoption of a neutral status.

He was speaking before the start of three days of ceasefire talks between Russian and Ukrainian negotiators in Istanbul, Turkey.

"[...] The fact that they're still happening offers hope that we're heading in the right direction and concessions we've seen on Ukraine's side in regard to NATO membership could really help that along," said Craig Erlam, senior market analyst at Oanda.

"Assuming Russia is truly intent on a deal and leaving Ukraine, of course, which many are sceptical about."

Worth noting, the Wall Street Journal reported on Monday that Ukrainian negotiators in Kyiv might have been poisoned at the start of March, possibly at the orders of hardliners in Moscow.

Further dragging on Oil&Gas names, as well as precious metals, was news that China was set to impose restriction on Shanghai in response to an outbreak of Covid-19 dampened sentiment.

Top performing sectors so far today

Leisure Goods 18,332.18 +3.38%

Medical Equipment and Services 8,785.20 +1.77%

Personal Care, Drug and Grocery Stores 3,826.06 +1.64%

Automobiles & Parts 2,619.14 +1.41%

Real Estate Investment Trusts 3,355.48 +1.19%

Bottom performing sectors so far today

Aerospace and Defence 4,651.24 -3.94%

Oil, Gas and Coal 7,040.82 -2.48%

Industrial Metals & Mining 7,882.69 -1.41%

Industrial Engineering 15,246.19 -0.91%

Precious Metals and Mining 10,763.50 -0.65%