Sector movers: Tech, mining and banking stocks keep FTSE 100 in the green
The London session belonged to technology, banking and mining stocks, with the latter getting a boost from news of further fiscal stimulus measures by China.
Anglo American
2,430.00p
17:15 04/10/24
Antofagasta
1,973.00p
17:15 04/10/24
ARM Holdings
1,700.00p
17:09 02/09/16
BHP Group Limited NPV (DI)
2,304.00p
17:00 04/10/24
FTSE 100
8,280.63
16:49 04/10/24
FTSE 250
20,900.08
17:14 04/10/24
FTSE 350
4,570.17
17:14 04/10/24
FTSE AIM 100
3,593.44
16:54 04/10/24
FTSE AIM 50
4,039.70
16:54 04/10/24
FTSE AIM All-Share
738.36
16:54 04/10/24
FTSE All-Share
4,527.24
16:54 04/10/24
Glencore
433.10p
17:00 04/10/24
Mining
11,521.23
17:14 04/10/24
Software & Computer Services
2,450.62
17:14 04/10/24
Technology Hardware & Equipment
1,920.18
16:30 25/09/24
Watchstone Group
52.10p
08:36 06/07/21
At 15:55 FTSE 100 was up 44.30 points or 0.65% at 6899.32. Technology shares traded higher as ARM Holdings (up 2.69%) put last week’s negativity behind and tracked a wider recovery among semiconductor stocks as Intel confirmed it was in talks to buy rival Altera Corp.
Continuing with the sector, specialist insurance outsourcer Quindell's announcement that it was selling its professional services unit to Australian law-firm Slater & Gordon for £700m, added further buoyancy to tech-related stocks. At one point in the afternoon session, Quindell’s stock was trading up 6.52%.
Banking stocks also had a positive trading session with Standard Chartered (up 1.50%), Barclays (up 1.51%), HSBC (up 0.81%) and Lloyds (up 0.49%) all in the green. Nonetheless, the situation in Greece continues to hound the market.
Fitch Ratings said a renewed Eurozone crisis would be the biggest risk to the global economy. For purposes of research, the ratings agency polled more than 350 investors and found that another flare up in the Eurozone was cited as the top risk for the world’s economy.
Finally, mining stocks ended Australian trading lower but rebounded in Europe when China’s central bank governor Zhou Xiaochuan hinted at further economic stimulus measures.
He said the country needed to be vigilant on inflation as its growth had slowed "a bit too sharply". Chinese Premier Xi Jinping also said during the weekend that the country's 7% growth target is impressive given the economy's resilience.
As the wider mining sector factored in the positivity, prices of key industrial metals posted a marginal uptick. Subsequently, miners BHP Billiton (up 0.30%) Glencore (up 1.28%), Antofagasta (up 3.50%) and Anglo American (up 1.53%) rebounded in London.
Going other way, oil stocks took a tumble with last Thursday’s oil price spike being a distant memory. BG Group was the biggest faller down 2.13% 854.70p. Overall, the oilfield services sector suffered the most, down 57.60 points or 1.31% at 5080.28
Top 5 sectors:
Technology Hardware & Equipment 1,298.82 +20.27 +1.59%
Software & Computer Services 1,307.30 +16.23 1.26%
Mining 14,066.27 +174.20 +1.25%
Banks 4,380.90 +47.01 1.08%
Automobiles & Parts 8,508.22 +88.84 +1.06%