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Sector movers: Mining, Industrial transportation pace gains

Fri, 11th Sep 2020 15:30

(Sharecast News) - Cyclicals paced gains in the market at the end of the week with miners pacing the advance on hopes for a continued economic recovery, especially in Asia.

In the background, base metals' prices were all higher, with copper rising from $6,652 per metric tonne to $6,679.

Royal Mail shares provided a lift to industrial transportation stocks on the back of an upgrade out of analysts at JP Morgan from 'underweight' to 'neutral'.

The broker also lifted its target price for the stock from 145.0p to 253.0p.

"While the UK turnaround is far from certain, stronger short-run trading has at least bought some time, and should prevent a build-up of net debt," they said in a research note sent to clients.

"The CWU negotiation appear to be the main ongoing concern."

Leisure stocks were higher as well, with Games Workshop shares moving back towards their record highs.

Oil equipment stocks were a drag, tracking the drift lower in the price of Brent amid speculation that Libyan oil production and exports might be set for at least a partial recovery.

Linked to the above, analysts at SP Angel referenced reports that US oil trader Hess might attempt to load a cargo of crude from Libya's Es Sider port during the following week.

Top performing sectors so far today

Leisure Goods 25,315.87 +4.10%

Mining 19,302.02 +3.46%

Industrial Metals & Mining 3,371.35 +2.65%

Technology Hardware & Equipment 2,184.75 +2.40%

Industrial Transportation 2,107.79 +2.33%

Bottom performing sectors so far today

Oil Equipment, Services & Distribution 4,266.95 -1.76%

Software & Computer Services 2,046.12 -1.15%

Banks 1,961.34 -1.14%

Real Estate Investment Trusts 2,478.05 -1.02%

Real Estate Investment & Services 2,422.58 -0.94%

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