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Sector movers: Miners, Auto stocks pace gains
(Sharecast News) - Miners paced gains on a mixed day in the stock market ahead of the US central bank's interest rate announcement due out after the close of London markets. Feeding the advance was speculation that Chinese authorities might soon announce new economic stimulus measures.
On that note, on Wednesday analysts at Barclays told clients that: "More stimulus may revive the China trade into H2 and give a lift to EU equities/cyclicals.
"Although structural headwinds cap the growth upside, we see an improved tactical risk-reward for the unloved China equity market, and exposed names in Europe (BCEUCHIN). We upgrade Mining to OW post ~20% underperformance ytd."
Company specific news was also a trigger behind some of the biggest gains.
Games Workshop was a case in point, pushing the Leisure sector higher after saying that it expected to post an annual profit of at least £170m, up from £157m for the prior year, driven by a strong rise in revenue and licensing income.
Boosting Auto stocks meanwhile, analysts at Jefferies nearly doubled their target price for shares of Aston Martin.
"AML has finally broken a cycle of discounted rights issues and is firmly in M&A territory. The valuation implied by Geely paying 335p per share is quite generous for a company with much to prove operationally and a long succession of wealthy shareholders.
"However, the deal also provides support and possibly a floor for future transactions, be it another capital raise, a higher stake, or a full takeover."
Top performing sectors so far today
Leisure Goods 25,465.52 +5.86%
Industrial Metals & Mining 6,823.43 +2.75%
Construction & Materials 8,210.30 +2.46%
Automobiles & Parts 1,853.51 +2.37%
Industrial Transportation 3,928.10 +1.21%
Bottom performing sectors so far today
Travel & Leisure 7,662.44 -1.54%
Pharmaceuticals & Biotechnology 21,194.29 -1.37%
Electronic & Electrical Equipment 10,410.81 -0.53%
Industrial Support Services 10,725.12 -0.52%
Investment Banking and Brokerage Services 13,808.70 -0.49%
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