Sector movers: Industrials, Mining jump

Smurfit Kappa drove General Industrials to the top of the leaderboard after reporting that revenues jumped 6% over the three months ending on 30 September, at constant currencies, as volumes increased 3%.

Business in the Americas was especially strong, with sales in the region rising by €68m.

Evraz was also doing well, amid optimism surrounding China´s economy after data released in the previous session revealed the country´s factory sector grew in October at its fastest pace in more than two years.

That saw iron ore futures traded on the Dalian Commodity Exchange hit 509 yuan a tonne on Wednesday, their best mark since July 2014, although they later fell back.

Linked to the above, most base metals were turning in a solid performance, with three-month copper futures on the LME sporting gains of 1.4% to $4,919 a metric tonne as analysts highlighted the generally positive tone to the LME Week 2016.

"This is stark contrast to last year’s events which were clouded by worries about China’s slowing economy and the bearish implications for metal demand. Participants went away from LME Week 2015 in sombre mood and the final quarter of last year was subsequently characterised by tumbling prices," analysts at UniCredit Research said in a note sent to clients.

Nevertheless, it was precious metals miners which were doing best, rising alongside gains in gold and silver futures on the heels of the latest US election polls which revealed a much tigher race between Hillary Clinton and Donald Trump than financial markets had expected just one week ago.

Next gave its sector a boost even after posting weak third quarter trading figures, as management reiterated a full-year forecast for profits before tax of £805m, as good cost control offset a 1.5% drop in full-price sales on last year. Even so, analysts at ShoreCap reiterated their recommendation to 'sell'.

Banks were the worst performing segment of the market as yields on the 10-year benchmark Gilt fell back by nine basis points to 1.20%.

Top performing sectors so far today

Food Producers & Processors 7,825.69 +1.52%
General Industrials 5,275.76 +0.90%
Industrial Metals & Mining 2,033.76 +0.73%
General Retailers 2,534.62 +0.65%
Mining 13,973.15 +0.43%

Bottom performing sectors so far today
Banks 3,732.51 -1.42%
Oil & Gas Producers 7,772.82 -1.30%
Food & Drug Retailers 3,100.55 -1.25%
Gas, Water & Multiutilities 6,247.77 -1.22%
Oil Equipment, Services & Distribution 14,407.14 -1.09%