The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Sector movers: Stocks bounce despite drag from Precious Metals, Oil and Gas

Wed, 06th Jul 2022 18:16

(Sharecast News) - A motley assortment of sectors led the FTSE 350's bounce on Wednesday despite the release of weaker-than-expected economic data and the political ructions in Downing Street.

Against the backdrop of ongoing speculation that the global economy was heading towards a recession, S&P Global announced a drop in its UK construction sector Purchasing Managers' Index from a reading of 56.4 for May to 52.6 in June (consensus: 55.0).

According to Pantheon Macroeconomics that was indicative of housing activity buckling under the pressure of higher mortgage rates.

Pacing gains in the Media space were shares of publishing and business intelligence outfit Informa after analysts at BofA reiterated their 'buy' rating, telling clients that risks were adequately priced-in.

In Personal Goods meanwhile, Asia-focused Burberry Group outperformed, although market chatter was that it remained to be seen whether Chinese officials would loosen their Covid-19 curbs.

Going the other way, Precious Metals and Mining was again under pressure as the US dollar continued to gain altitude, in turn pushing gold futures down towards technical support around the $1,700/oz. area.

Oil, Gas and Coal added to the previous session's rout amid news that Norwegian oil and gas workers had called off their strike which served to push crude oil futures a tad lower.

TTF natural gas futures however rose 9.4% to 174.5/MWh.

Top performing sectors so far today

Leisure Goods 17,434.28 +3.40%

Media 8,599.24 +3.17%

Personal Goods 26,757.57 +3.17%

Investment Banking and Brokerage Services 12,252.92 +3.11%

Beverages 27,585.22 +3.02%

Bottom performing sectors so far today

Precious Metals and Mining 9,346.94 -1.99%

Oil, Gas and Coal 6,712.91 -1.99%

Automobiles & Parts 1,512.15 -1.43%

Medical Equipment and Services 9,976.09 -1.12%

Banks 3,117.79 -0.74%

Related Shares

More News
22 May 2024 21:54

US lawmakers urge Justice Department to probe climate deception by Big Oil

May 22 (Reuters) - U.S. lawmakers behind a congressional probe of major oil companies on Wednesday called on the Justice Department to investigate w...

22 May 2024 02:00

British firms expecting hard time in China market, lobby group warns

BEIJING, May 22 (Reuters) - British firms expect doing business in China to become harder over the next five years, a British business lobby group s...

22 May 2024 00:01

US Cash Products-Chicago RBOB surges after refinery issues

NEW YORK, May 21 (Reuters) - Cash differentials for RBOB gasoline surged on Tuesday after a refinery that has faced operational issues in recent days ...

16 May 2024 17:53

European shares snap nine-day winning streak as Siemens weighs

Roche gains on obesity drug results from early-stage trial *

16 May 2024 17:33

FTSE 100 ends lower on disappointing corporate updates, BT Group soars

BT Group up after CEO aims for more than double free cash flow *

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.