Intertek Group Share News (ITRK)

(ShareCast News) - The Footsie closed higher for a fourth consecutive week for a cumulative 5% gain since the EU referendum vote, albeit wih defensive issues pacing gains in the form of advances for tobacco and pharmaceuticals."More defensive sectors have led the way, showing that safety and yield still come top of the list when stock-picking," Chris Beauchamp, senior market analyst at IG said.Support services also put in a solid performance on Friday, with shares in Ashtead Group - with its large exposure to the US market - and Intertek clocking in with the biggest rises.Stock in the former was boosted by a price target upgrade out of UBS from 3,650p to 4,000p.In a research note on the European support services sector, analyst Debnis Moreau lifted his 2017 estimates for earnings per share at Intertek and Ashtead by 9% and 15%, respectively, to account for recent moves on foreign exchange markets.Moreau expressed caution towards the likes of Aggreko and Serco in that same note, while noting that Hays and DCC were now among his 'highest-conviction' buys despite the higher uncertainty in Europe after the 'Leave' vote."We have adjusted our estimates across the sector to factor in a more challenging economic environment in Europe (though not a recession), and to also take into account recent FX changes," he said in a research note published on 14 July.Several of the sectors typically most sensitive to the possibility of a weakening economy in the aftermath of Brexit were at the bottom of the pile.That list included real estate investment and services, food and drug retailers and life insurance.To take note of, in an updated speech published on Friday Bank of England chief economist Andrew Haldane argued in favour of the "sledgehammer" method when it came to further monetary policy easing, likely at the next MPC meeting, as opposed to a more surgical approach.Mining was also to be found among the biggest fallers despite better than expected economic data out in China overnight and gains in most LME-traded industrial metals.China's gross domestic product expanded at a 6.7% year-on-year clip in the second quarter, the same pace as in the first three months of the year (consensus: 6.7%).Nevertheless, "surging stimulus-linked investment by state firms appears to have compensated for the private sector's unwillingness to invest," Daniel Martin and Mark Williams from Capital Economics pointed out in a research note sent to clients.Precious metals miners were one particular source of weakness in the sector as gold futures headed for their first weekly loss since May following their recent strong run.COMEX-traded gold futures for delivery in August were slipping 0.21% to $1,329.40/oz. as of 18:28 BST, acting as a drag on the likes of Randgold Resources or Fresnillo.In parallel, the US dollar spot index was moving up by 0.55% to 96.60 after the release of a stronger than expected reading on US retail sales for June, courtesy of the US Department of Commerce.Top performing sectors so far todayForestry & Paper 15,349.19 +0.85%Tobacco 56,464.99 +0.85%Pharmaceuticals & Biotechnology 13,997.91 +0.79%Personal Goods 30,671.66 +0.71%Support Services 6,910.26 +0.68%Bottom performing sectors so far todayReal Estate Investment & Services 2,373.79 -1.44%Food & Drug Retailers 2,600.97 -1.18%Life Insurance 6,390.89 -1.06%Insurance (non-life) 2,539.54 -1.03%Mining 11,752.01 -0.79% Top performing sectors so far todayForestry & Paper 15,349.19 +0.85%Tobacco 56,464.99 +0.85%Pharmaceuticals & Biotechnology 13,997.91 +0.79%Personal Goods 30,671.66 +0.71%Support Services 6,910.26 +0.68%Bottom performing sectors so far todayReal Estate Investment & Services 2,373.79 -1.44%Food & Drug Retailers 2,600.97 -1.18%Life Insurance 6,390.89 -1.06%Insurance (non-life) 2,539.54 -1.03%Mining 11,752.01 -0.79%