Telecom Plus Share News (TEP)

(ShareCast News) - So-called 'bond proxies' such as fixed-line telecommunications providers were among the best performing sectors at the start of the week even as yields on longer-dated Gilts were whipsawed about, with prices mostly recovering from the steep losses seen earlier in the day.As of 1637 BST, the yield on the benchmark 10-year Gilt was up by two basis points at 1.12%, having earlier hit 1.22% - a fresh post-Brexit high.Gilts saw much heavier follow-through selling than similarly-dated US or German government debt following remarks on 14 October by Fed chair Janet Yellen suggesting that there might be benefits to letting the US labour market tighten more than usual to help heal the scars from the financial crisis.In general, investors had recently been reducing the so-called duration (sensitivity to interest rate changes) of their fixed income holdings in anticipation of governments around the world either reducing policy accommodation or shifting towards fiscal stimulus, or both in some cases.During the week ending 12 October, EPFR data referenced by Bank of America-Merrill Lynch revealed a seventh straight week of outflows from funds investing in bonds with a duration greater than six years.As regarded Sterling assets, some market commentary also attributed the back-up in Gilt yields to the process of markets pricing-in greater political risk. Heading the other way, Pearson led a slump in Media stocks after saying underlying sales for the nine months to the end of September fell 7%.The main reason was the decline in revenue from exam assessments in the US and UK, with new added declines in North American Higher Education courseware due to a further inventory correction by retailers in July and August, though this had eased off since.Oil equipment and service stocks also started the week on a low note as crude oil futures back-tracked some of their recent gains.Net length in West Texas Intermediate futures rose to its highest since July 2014 over the week ending on 11 October, the latest data from the Commodity Futures Trading Commission revealed. Top performing sectors so far todayFixed Line Telecommunications 4,332.09 +0.85%Industrial Metals & Mining 1,997.32 +0.35%Automobiles & Parts 7,692.24 +0.24%Alternative Energy 0.00 0.00%Bottom performing sectors so far todayTechnology Hardware & Equipment 2,036.26 -2.67%General Retailers 2,466.79 -1.80%Industrial Transportation 3,006.79 -1.75%Life Insurance 6,882.36 -1.58%Tobacco 55,585.62 -1.54%