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Sector movers: Cyclicals pace losses after weak reading on US consumer confidence

Tue, 25th Aug 2020 15:49

(Sharecast News) - Cyclical stocks were broadly lower on Wednesday following the release of a weaker than expected reading on US consumer confidence for the month of August that served to knock shares lower across the globe.
According to the Conference Board director responsible for compiling the survey, the results pointed towards a slowdown in consumer spending in the States.

Housebuilders were a drag throughout the session, finishing at the bottom of the pile, with Persimmon, Barratt Developments, Berkeley, Taylor Wimpey, Bellway, Crest Nicholson and Vistry all weaker.

CMC Markets UK's analyst David Madden said: "Keep in mind that last week Persimmon shares hit a five month high so it seems that a bit of profit taking is doing the rounds."

Other cyclical areas of the market including Automobiles, Industrial Metals, Oil and Gas, and Mining were lower.

Losses among oil companies' shares were conspicuous given the retreat in front-dated crude oil futures, with low trading volumes ahead of the upcoming Bank Holiday possibly a part of the reason behind the move.

Heading the other way were Technology, mimicking gains both across the Pond and on the other side of the Channel.

Industrial software maker Aveva was a top gainer after agreeing to buy US-based real-time data software maker OSIsoft for $5bn including debt.

Top performing sectors so far today

Software & Computer Services 2,065.15 +1.13%

Technology Hardware & Equipment 2,279.40 +1.05%

Travel & Leisure 6,549.44 +0.76%

Leisure Goods 22,036.03 +0.74%

Food Producers & Processors 6,810.81 +0.56%

Bottom performing sectors so far today

Construction & Materials 6,387.08 -3.26%

Automobiles & Parts 2,754.47 -3.03%

Industrial Metals & Mining 3,280.26 -2.96%

Oil & Gas Producers 4,227.32 -2.70%

Mining 18,248.27 -2.13%



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