Sector movers: Foreign investors still circling UK corporates

UK corporates appeared to continue to be in the crosshairs of foreign groups at the start of the week.

According to Insurance Insider, Japan's Sompo and Italy's Generali were mulling tabling a bid for Hiscox.

The report sent shares in sector rivals Beazley and Lancashire higher too.

Retail names were also wanted as analysts at Canaccord Genuity started coverage on 10 multi-channel retail stocks mostly with 'buy' recommendations.

"The pandemic and subsequent inflationary environment have been a challenging time for both retailers and consumers," they said in a research note sent to clients.

"However, the outlook is looking brighter, and there are finally some signs of easing in the cost-of-living squeeze to help underpin the recovery in consumer confidence and consumer expectations of a more positive outlook for their personal financial situation over the next 12 months."

On the negative side of the ledger, precious metals miners gave back some of their gains from the previous Friday.

Those had been triggered by the release of a softer-than-expected reading for US non-farm payrolls in June.

There were also some positive geopolitical headlines over the weekend.

In Gaza, a Hamas official reportedly signalled that the terrorist group was open to dropping one of its key conditions which up until now had made a ceasefire agreement with Israel impossible.

Meanwhile, in Iran, the reformist candidate, Masoud Pezeshkian, won the presidential elections.

Top performing sectors so far today

Non-life Insurance 3,681.39 +3.92%

Aerospace and Defence 11,013.27 +1.25%

Life Insurance 5,755.30 +0.88%

Retailers 3,782.19 +0.75%

Food Producers 7,958.86 +0.60%

Bottom performing sectors so far today

Precious Metals and Mining 10,826.07 -1.94%

Software & Computer Services 2,487.84 -1.38%

Electricity 10,994.79 -1.23%

Automobiles & Parts 1,122.68 -1.20%

Real Estate Investment Trusts 2,315.99 -1.19%