Sector movers: Cyclicals, banks jump, while precious metals miners retreat
Cyclicals led the advance, led by Automobile stocks such as GKN and construction outfits like CRH, both of which benefit from bets on an improving world economy, especially in the States.
Acacia Mining
234.00p
16:45 16/09/19
Automobiles & Parts
1,143.67
16:20 27/12/24
Banco Santander
€4.39
18:15 27/12/24
Construction & Materials
12,064.97
16:29 27/12/24
CRH (CDI)
7,484.00p
17:15 27/12/24
DJ EURO STOXX 50
4,857.86
23:59 24/12/24
FTSE 100
8,149.78
16:54 27/12/24
FTSE 250
20,488.65
16:29 27/12/24
FTSE 350
4,495.62
16:29 27/12/24
FTSE All-Share
4,453.14
17:05 27/12/24
GKN
482.40p
17:00 18/05/18
Hochschild Mining
213.50p
16:40 27/12/24
IBEX 35
11,531.60
18:45 27/12/24
IBEX TOP DIVIDENDO
3,118.30
18:45 27/12/24
Mining
10,154.31
16:29 27/12/24
Mobile Telecommunications
1,973.02
16:59 24/01/22
Randgold Resources Ltd.
6,546.00p
17:00 28/12/18
Vodafone Group
67.34p
16:49 27/12/24
Banks were also higher, boosted by bumper full-year results from Spanish lender Santander, amid rising yields on longer-dated Gilts.
As of 1613 GMT the pan-European Stoxx 600´s gauge of lenders was rising 3.18% to 179.44, buoying all of the region's main benchmarks.
"It may seem counterintuitive but however polarising Donald Trump is, and is likely to continue to be, financial markets take a rather more cold hearted view as basic resource and infrastructure plays push higher on the back of yesterday’s executive order with respect to the Keystone oil pipeline and his tweet yesterday that he will look at starting to implement his policy on building a wall on the Mexican border.
"This expectation of an infrastructure boom has seen bond yields start to push back up again, on higher inflation expectations, which in turn is also acting as an additional tailwind for financials as a rise in yields and widening spread differentials improve future profitability prospects," said Michael Hewson, chief market analyst at CMC Markets.
Going the other way, stock in Vodafone was the main drag, weighing on Mobile Telecommunications on the heels of a downgrade out of Bank of America-Merrill Lynch from 'Buy' to 'Neutral'.
The telecoms giant's multiple headwinds in recent months were "unlikely to abate in the near-term", with the 2 February trading update predicted to be cautious.
Mining was also lower as the price of gold fell back despite a slight dip in the greeback.
Front month gold futures were erasing 1.08% to $1,200.50 even as the US dollar spot index was on its backfoot, retreating 0.25% to 100.100.
That sent shares in Acacia Mining, Centamin, Fresnillo, Polymetal, Hochschild Mining and Randgold Resources all lower.
Top performing sectors so far today
Construction & Materials 7,016.83 +2.34%
Automobiles & Parts 8,241.68 +2.06%
Industrial Engineering 10,835.35 +1.76%
Life Insurance 7,786.42 +1.41%
Banks 4,330.09 +1.38%
Bottom performing sectors so far today
Mobile Telecommunications 4,362.59 -2.36%
Mining 16,878.76 -1.26%
Food & Drug Retailers 2,984.97 -0.70%
Food Producers & Processors 7,395.31 -0.52%
Forestry & Paper 19,345.36 -0.33%