Sector movers: Defensives pace gains

Defensive issues and so-called 'bond proxies' performed best at the tail-end of the week, with shares of personal goods and health care equipment companies pacing gains.

Among the former of those two sectors, it was Unilever which did best after the manufacturer said it would appeal an adverse ruling by the Brazilian Supreme Court relating to a claim of €565m for indirect taxes.

It had also decided to pay a deposit as any penalty payments would be much reduced if it did so.

That sum would be recognised as a non-current financial asset, meaning there would be no impact on reported free cash flow.

UDG Healthcare paced risers among health care stocks a day after the company posted its preliminary full-year results, which prompted analysts at N+1 Singer to reiterate their 'buy' on the shares, telling clients that "further deals should be more accretive, and this is the crux of the investment case. We stay at Buy."

The broker also noted the company´s still positive outlook.

Pharma and Biotech found a bid after analysts at Liberum upgraded their recommendation on AstraZeneca from 'hold' to 'buy'. One trader also cited news that Johnson&Johnson had held preliminary talks regarding a possible bid for Swiss-listed Actelion as another trigger behind the move.

Interims from Pennon accounted for strength in the utilities space after the company announced that profits before tax jumped 19.9% to £128.1m, as cost savings and self-help initiatives fell straight to the bottom line.

Top performing sectors so far today
Technology Hardware & Equipment 1,002.85 +3.64%
Personal Goods 28,219.48 +1.46%
Health Care Equipment & Services 6,857.87 +1.45%
Pharmaceuticals & Biotechnology 13,274.37 +1.37%
Gas, Water & Multiutilities 5,782.98 +1.09%

Bottom performing sectors so far today
Oil Equipment, Services & Distribution 14,562.37 -2.10%
Industrial Metals & Mining 2,511.42 -1.92%
Electronic & Electrical Equipment 4,868.48 -0.72%
Aerospace and Defence 4,677.04 -0.67%
Mining 14,954.00 -0.66%