Sector movers: Precious metals miners, Autos pace gains

(Sharecast News) - Precious metals miners' shares paced gains on the FTSE 350 as the US dollar index slipped. Optimism, so to speak, of political gridlock on Capitol Hill as a result of Tuesday night's mid-term elections in the US appeared to be the trigger for improved risk appetite.

Analysts appeared to be unanimous that if Republicans took control of the US House of Representatives, or perhaps even both chambers of Congress, that would result in less fiscal largesse and hence lower interest rates, all else equal.

Historically, a so-called split government with a President from the Democratic had been the best set-up for stocks, resulting in average annual returns of 16%, Bank of America said in a research note sent to clients.

In their opinion, such an outcome had already "largely" been priced into equities.

Nonetheless, it was also expected to be a drag on the US dollar over 2023.

As of 1634 GMT, the US dollar index was off by 0.53% to 109.54.

In parallel, December gold futures on COMEX were climbing by 2.27% to $1,718.60/oz. and similarly-dated silver futures by 3.45% to $21.64/oz.

Prices for 10 and 30-year US and UK government debt were moving higher alongside.

Automobiles were close behind on the leaderboard, stoked by a continuing rally for shares of Aston Martin Lagonda.

Top performing sectors so far today

Precious Metals and Mining 10,158.14 +3.87%

Automobiles & Parts 1,385.95 +2.70%

Chemicals 11,656.99 +2.40%

Leisure Goods 16,336.84 +2.34%

Gas, Water & Multiutilities 5,473.74 +2.31%

Bottom performing sectors so far today

Oil, Gas and Coal 8,509.01 -2.42%

Household Goods & Home Construction 9,642.88 -1.90%

Non-life Insurance 3,079.50 -1.26%

Construction & Materials 6,615.26 -0.53%

Retailers 3,268.19 -0.48%