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Sector movers: OIl&Gas stocks pace gains
(Sharecast News) - Oil&Gas stocks caught a bid on Thursday after the Kremlin labelled reports of "significant" progress in peace talks with Kyiv as "wrong". Kremlin spokesman Dmitry Peskov accused Ukraine of dragging its feet, alleging that it was "in no rush".
Buying was also triggered by a prediction from the International Energy Agency that from April, about 3.0m barrels a day of Russian oil output could be shut in as a result of sanctions and buyers shunning the country's exports.
Russia was the world's largest oil exporter, shipping roughly 8.0m b/d of crude and refined oil products around the world.
"For now, we see the potential for a shut-in of 3.0m b/d of Russian oil supply starting from April, but losses could increase should restrictions or public condemnation escalate," the IEA said in its Monthly Oil Market Report for March.
"The current crisis comes with major challenges for energy markets, but it also offers opportunities. Indeed, today's alignment of energy security and economic factors could well accelerate the transition away from oil."
Partly offsetting that reduction in Russian exports, the rich world's energy watchdog cut its forecast for global oil demand from the second quarter through the last three months of 2022 by 1.3m b/d.
Furthermore, overnight, Chinese authorities promised further fiscal stimulus.
Risk aversion also helped drive Precious Metals miners higher.
Beverage stocks fared well too, with shares of AG Barr, Diageo, Fevertree Drinks, Nichols all climbing sharply.
In Automobiles&Parts and Home Construction it was the opposite story with both seeing light profit-taking.
Food producers also dipped, weighed down by concerns about rising agricultural commodity prices.
Top performing sectors so far today
Oil, Gas and Coal 6,734.36 +2.87%
Precious Metals and Mining 12,009.81 +2.81%
Beverages 28,058.64 +2.75%
Electricity 10,475.66 +2.16%
Construction & Materials 7,461.13 +1.91%
Bottom performing sectors so far today
Automobiles & Parts 2,522.43 -2.28%
Household Goods & Home Construction 14,238.97 -0.57%
Food Producers 6,367.23 -0.25%
Industrial Transportation 4,147.63 -0.23%
Investment Banking and Brokerage Services 12,652.09 -0.19%
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