Sector movers: Cyclicals, Travel and Leisure names pace gains

Analysts and traders however appeared to be a bit skeptical of that possibility.

On that note, analyst at Barclays Research were telling clients: "Under-exposed HF/CTAs may turn buyers of equities if positive momentum holds.

"But MF/retail asset allocation is far more risk-on than depressed sentiment implies - consensus positioning is hopeful of a mild recession/dovish Fed turn. Cyclicals and long-duration plays are UW but the latter are catching a bid on lower yield.

Travel & Leisure names were among the best performers on the FTSE 350 with airlines doing especially well, among them Easyjet.

According to analysts at Berenberg, the low-cost carriers reduction in net debt from approximately £350m in summer 2019 to "just" £200m now meant the shares were now trading at just 0.6 times their enterprise value-to-invested capital.

"While we acknowledge that easyJet’s handling of the June quarter has been less than perfect, disruption at airports is now easing while the airlines’ summer schedules are more achievable than before.

Wizz Air echoed that prognosis on Wednesday, telling investors that it expected to deliver a material operating profit as revenue and pricing momentum continue to improve, and said levels of disruption at airports had started to normalise.

Top performing sectors so far today

Automobiles & Parts 1,762.16 +3.48%

Travel & Leisure 5,793.47 +3.30%

General Industrials 6,181.88 +2.26%

Construction & Materials 6,539.23 +2.24%

Electricity 11,152.81 +1.42%

Bottom performing sectors so far today

Real Estate Investment Trusts 2,836.09 -1.95%

Telecommunications Service Providers 3,084.95 -0.87%

Gas, Water & Multiutilities 6,163.07 -0.84%

Chemicals 12,202.51 -0.64%

Pharmaceuticals & Biotechnology 21,701.14 -0.45%