Sector movers: Autos and Parts, Miners pace losses in nearly flat day on the FTSE 350

There was company-specific news dragging on the latter of those two sectors. Wizz Air guided towards an operating loss of €285m for the first quarter of its 2023 financial year due to unrealised FX losses linked to US dollar strength together with disruptions from Covid-19 and the war in Ukraine.

Nevertheless, the low cost carrier did manage to improve its cash position.

In parallel, analysts attributed the downdraft in miners' shares to concerns about an impending global economic recession and reports of more cases of Covid-19 in China.

Miners Anglo American and Antofagasta were also on the back foot after China reimposed fresh Covid curbs.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: "Worries are ratcheting up about the global downturn hitting demand for commodities. Iron ore prices have fallen to levels not seen since December, as stockpiles of steel build up following a slump in the Chinese property sector, while companies tread water impatient for Beijing’s promised infrastructure boost to materialise."

The Greenback's appreciation was compounding the selling pressure on metals' prices and in turn on miners' share prices.

By the London close, the US dollar spot index, a gauge of its strength relative to the currencies of its major trade partners, was up by a further 0.83% to 107.90.

On the flip-side however, corresponding weakness in sterling, which was falling 1.16% to 1.1893, helped to steady London's top-flight index.

So too did big gains for electricity generators after a spokesman for the Prime Minister said Boris Johnson was not planning to extend the windfall tax on oil and gas companies to include them.

Other defensive areas of the market such as Utilities and Pharma were also wanted with the former benefitting a bit from a drift lower in longer-term Gilt yields.

Top performing sectors so far today

Electricity 10,873.15 +3.75%

Retailers 3,159.43 +2.33%

Leisure Goods 17,945.58 +2.20%

Gas, Water & Multiutilities 5,977.47 +1.67%

Pharmaceuticals & Biotechnology 22,222.09 +0.98%

Bottom performing sectors so far today

Automobiles & Parts 1,668.48 -2.36%

Travel & Leisure 5,477.77 -2.23%

Industrial Metals & Mining 6,227.15 -2.10%

Precious Metals and Mining 9,384.44 -1.83%

Chemicals 11,852.57 -1.34%