Sector movers: Pharma stocks pace losses, while miners gain

Pharma stocks led losses on the market as traders reacted to the latest polls showing a hefty lead for US Democratic party presidential candidate Hillary Clinton and as sterling staged a small bounce.

According to the latest WSJ/NBC poll, published overnight, Clinton had extended her lead over her main rival Donald Trump to nine points.

Both biotech and healthcare stocks were among the worst performing sectors in New York trading on Wednesday.

As regarded the outlook for the pound, analysts at Credit Suisse cautioned that so-called positioning had become extreme.

A "normal" bear-market in Sterling is 27%, whereas the current one has been 26% and the maximum bear market since 1949 had been 31%, the Swiss broker said.

Sterling was 14% cheap in terms of purchasing power parity, they added.

Right behind pharma & biotech share were aerospace and defence issues, again most likely as a result of the pound edging hgher after the Prime Minister announced that parliament would be able to scrutinise preparations for the UK to exit the European Union.

Insurers were on the up again as longer-term Gilt yields jumped, tracking lessened expectations for monetary policy accomodation, especially Stateside.

Metal and mining shares recovered from the previous day´s losses, as stock in Glencore leapt higher, setting a fresh 52-week high in the process, albeit with no obvious catalyst in sight amid flattish prices for most bulk metals.

Top performing sectors so far today
Industrial Metals & Mining 2,146.04 +4.26%
Mining 13,274.04 +1.15%
Life Insurance 7,211.27 +0.75%
Electricity 8,895.59 +0.60%
Insurance (non-life) 2,733.47 +0.32%

Bottom performing sectors so far today
Pharmaceuticals & Biotechnology 14,781.03 -1.50%
Health Care Equipment & Services 7,533.51 -1.47%
Construction & Materials 6,438.56 -1.42%
General Industrials 5,447.04 -1.25%
Aerospace and Defence 4,603.63 -1.24%