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Sector movers: Defensives drag with miners and insurers acting as an offset
(Sharecast News) - Defensive issues dragged on the FTSE 350 following a lower-than-expected reading on US consumer prices the day before that led some investors to shift a tad towards cyclicals. A further advance for cable to 1.1788 weighed further on investor sentiment.
Against that backdrop, Defence stocks were at the bottom of the pile, possibly after America's top general told CNBC that he saw a possibility for diplomatic talks between Kyiv and Moscow.
Pharma and Tobacco stocks were lower alongside.
So too retailers, after the Office for National Statistics reported a 0.6% month-on-month drop in UK gross domestic product for the month of September (consensus: -0.4%).
Going the other way, news that the People's Republic of China had eased some Covid-19 curbs boosted miners and was behind renewed strength in the pound.
Life insurance also did well, benefitting from the wider underlying risk-on move.
Aston Martin shares were also moving higher, boosting the auto sector with it, on news of insider buying.
Top performing sectors so far today
Leisure Goods 18,643.95 +5.80%
Automobiles & Parts 1,565.54 +5.30%
Life Insurance 6,616.56 +3.97%
Industrial Metals & Mining 7,424.44 +3.84%
Personal Goods 33,084.20 +2.08%
Bottom performing sectors so far today
Aerospace and Defence 4,479.59 -5.23%
Retailers 3,145.39 -4.53%
Pharmaceuticals & Biotechnology 19,727.82 -4.39%
Tobacco 34,547.03 -4.10%
Media 8,957.54 -3.07%
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