Sector movers: Tobacco and Big Pharma pace declines

Defensive areas of the market such as Tobacco and Pharmaceuticals came under a bit of selling pressure in the middle of the week following their recent run higher.

Overall it was a mixed day for the FTSE 350, with the top-flight index trading 0.44% lower while the second-tier index added 0.61%.

But there was a fair bit of market commentary centring on whether - or not - investors had finally thrown in the towel, which in the past had sometimes seen share prices start to move higher.

Dragging on investor sentiment however was the risk that Russia might yet cut off or further reduce natural gas supplies to the Continent.

In the background meanwhile, reports were that Ukrainian forces were preparing a counteroffensive against the southern regional capital of Kherson.

Life Insurance and Banks were lower alongside.

Top performing sectors so far today

Industrial Transportation 3,146.22 +2.86%

Software & Computer Services 1,710.65 +1.61%

Real Estate Invjestment & Services 2,605.86 +1.20%

Media 8,999.06 +1.03%

Closed End Investments 11,563.44 +0.94%

Bottom performing sectors so far today

Tobacco 36,596.80 -1.49%

Life Insurance 6,513.49 -1.19%

Pharmaceuticals & Biotechnology 21,905.79 -0.95%

Banks 3,190.91 -0.90%

Personal Care, Drug and Grocery Stores 4,128.53 -0.88%