Construction, bank stocks lead gains on low trading volumes
Construction, real estate and bank stocks led the Footsie higher as markets continued to price-in the possibility of the UK finally choosing to 'Remain' in the European Union, albeit on thin trading volumes, although most analysts were far more cautious about putting their necks on the line.
FTSE 250
20,522.81
16:38 14/11/24
FTSE 350
4,459.02
16:38 14/11/24
FTSE All-Share
4,417.25
16:54 14/11/24
General Industrials
7,586.09
16:38 14/11/24
Smith (DS)
557.50p
16:49 14/11/24
"It’s a measure of market nervousness that trading volumes are thin on just about everything today. This morning’s moves really felt like a low-volume melt-up. Having said that, there are a few day traders buzzing in and out and a number took advantage of cable’s early bounce to go short.
"But people are wary of holding anything overnight. But while the market has followed the punters and is betting on a vote to 'Stay', there are concerns that the risk of a 'Leave' vote has been understated. The polls are just too close to call for this level of complacency. The “undecideds” and dismal weather could make all the difference," David Morrison, chief market analyst at SpreadCo told clients.
As cable continued to gain ground - possibly exhausting all of the up-side to be had from a 'Remain' outcome, according to City analysts - economists preferred to wait it out until Friday morning, when the 'official' result was expected to be announced, towards around 07:00 BST, although early count figures might provide a clear indication even sooner.
Nevertheless, it was the industrial, metals&mining sector which again performed best, as the sector's sole component, Evraz, continued to price in better steel prices.
The Shanghai Futures Exchange's most-traded rebar contract finished the session higher by 1.2% to 2,141 yuan a tonne, having touched a one-week high earlier in the session.
General Industrials were also on the up, with shares in DS Smith putting in the strongest showing a day after its full-year results.
The FTSE 250-listed packaging company reported a small jump in full-year profit as revenue grew, partly thanks to acquisitions.
In the 12 months to 30 April, pre-tax profit rose 1% to £201m, or 3% at constant currency, on revenue of £4.06bn, up 6%.
Top performing sectors so far today
Industrial Metals & Mining 1,319.73 +4.69%
Construction & Materials 5,364.21 +2.79%
General Industrials 4,753.36 +2.63%
Real Estate Investment & Services 2,769.73 +2.39%
Banks 3,411.75 +2.28%
Bottom performing sectors so far today
Technology Hardware & Equipment 1,249.38 -0.09%
Gas, Water & Multiutilities 6,106.44 -0.06%