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Sector movers: Industrial metals and Mining, Big Oil pace gains
(Sharecast News) - Industrial Metals&Mining, Big Oil and Life insurance lent their weight to the FTSE 350's advance at the start of the week. Buoying the former was an extension of the US dollar's retracement of its recent gains, together with news that Chinese regulators were urging lenders to raise lending to developers so they can finish housing projects.
On the back of the news, copper futures for September delivery were climbing 3.54% to $3.3485 a pound on COMEX.
Big Oil meanwhile was finding a lift after what some analysts said were the disappointing results of US President, Joe Biden's trip to Saudi Arabia at the weekend.
"When the biggest talking point from President Biden's meeting with Saudi Crown Prince Mohammed bin Salman is a fist bump photo, you know it probably hasn't gone to plan," said Craig Erlam, senior market analyst for Asia Pacific at Oanda.
"It's another blow ahead of the midterms for Biden in what was ultimately a desperate attempt to at least look like he's doing everything in his power to restore prices to more tolerable levels."
Yet the top gainer on the FTSE 350 was Autos&Parts as Aston Martin shares continued to bounce, possibly due to talk of a possible impending capital raise.
Non-life insurers meanwhile got dragged lower by sharp losses in Direct Line Group and Admiral after analysts at Jefferies downgraded shares of both to 'hold' and 'outperform', respectively.
In the case of the former, they expected the motor insurance outfit to reduce its 2022 dividend, while at the latter commissions were seen as likely to run at much lower levels due to worsening margins.
Top performing sectors so far today
Automobiles & Parts 1,847.60 +13.24%
Personal Goods 27,343.88 +3.22%
Industrial Metals & Mining 6,133.20 +3.13%
Oil, Gas and Coal 6,996.84 +3.02%
Life Insurance 6,508.34 +1.96%
Bottom performing sectors so far today
Non-life Insurance 2,705.34 -3.77%
Retailers 3,204.16 -1.00%
Personal Care, Drug and Grocery Stores 4,108.63 -0.64%
Medical Equipment and Services 10,555.49 -0.34%
Electronic & Electrical Equipment 8,481.85 -0.21%
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