Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Sector movers: Oil and Gas, Miners trade lower on growth concerns
(Sharecast News) - Oil and Gas gave back some of the previous session's gains, tracking a dip in oil futures as traders took a breather following a rally over the past fortnight and OPEC's surprise 2.0m barrel day output cut announcement. There were also company-specific news at work.
Earlier, Shell had warned that its third-quarter profits would be hit by a sharp decline in oil refining margins and weaker natural gas trading.
That sent the oil major's shares down by nearly 5.0%.
Nonetheless, following the latest OPEC+ decision, analysts at Morgan Stanley bumped up their Brent oil price forecast for the first quarter of 2023 from $95 a barrel to $100 a barrel but continued to expect that oil would trade at $95 in the last quarter of 2022 and at $100 over the three months to June 2023.
A key assumption was that the European Union's looming oil import embargo would result in a 1.0-1.15m barrel a day reduction in Russian output when it came into force.
Miners were also under the cosh with analysts at Berenberg warning clients that the dour macroeconomic outlook was likely to impact metals' prices negatively.
Any strength from stimulus announcements around the 16 October Chinese Communist Party's congress should be sold into, they argued.
Interest rate sensitive areas of the stock market were also under coming under some pressure, as longer-term Gilt yields retraced a part of their recent rally, pushing yields higher.
As of 1417 BST, the yield on the benchmark 10-year Gilt was underperforming similarly-dated debt in the US and on the Continent.
In the background, Sky News reported that the biggest UK mortgage lenders would urge the Chancellor to extend the Mortgage Guarantee Scheme which was set to expire at the end of 2022.
Top performing sectors so far today
Industrial Transportation 3,189.83 +1.36%
Travel & Leisure 5,698.49 +1.03%
Automobiles & Parts 1,163.98 +0.75%
Tobacco 35,249.09 +0.67%
Life Insurance 6,124.87 +0.51%
Bottom performing sectors so far today
Oil, Gas and Coal 7,928.80 -3.35%
Industrial Metals & Mining 6,788.66 -2.14%
Electricity 9,344.58 -1.26%
Construction & Materials 6,311.29 -0.95%
General Industrials 5,460.02 -0.84%
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
