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Sector movers: Oil&Gas paces gains
(Sharecast News) - Oil&Gas topped the leaderboard in the middle of the week following news overnight that the US administration was set to propose fresh sanctions on Moscow at the back-to-back meetings of NATO, the G-7 and European Union council that were scheduled for Thursday. Nevertheless, other reports indicated that, at least for now, the EU was not contemplating immediate sanctions on Russian oil.
Be that as it may, traders pushed front month Brent crude oil futures higher by 4.94% to reach $121.18 per barrel on the ICE.
Shares were of Shell jumped on the news, hitting a fresh 52-week high.
Further aiding the share price, analysts at Deustche Bank lifted their target price for the shares from 2,038.0p to 2,551.0p.
BP wasn't far behind and fast approaching its best levels for the past year.
BP also said on Thursday that it was on track to meet its 2025 target for developing 20GW of renewable capacity, with its renewables development pipeline having increased four-fold since 2019 to stand at over 24GW.
Top performing sectors so far today
Oil, Gas and Coal 7,126.95 +3.89%
Industrial Metals & Mining 7,958.06 +1.47%
Precious Metals and Mining 10,767.29 +1.34%
Leisure Goods 17,721.11 +0.64%
Pharmaceuticals & Biotechnology 19,842.10 +0.62%
Bottom performing sectors so far today
Household Goods & Home Construction 13,901.35 -3.05%
Automobiles & Parts 2,592.45 -2.69%
Construction & Materials 7,121.10 -2.18%
Life Insurance 7,090.92 -2.09%
Real Estate Investment Trusts 3,246.82 -2.06%
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