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Alexander Bueso Sharecast News
23 Nov, 2016 16:42 23 Nov, 2016 16:42

Sector movers: Meggitt, Cobham lift defence stocks

Price gains for some key steel-making ingredients such as iron ore and thermal coal as well as in Chinese rebar futures kept pushing shares in Evraz and many of the main mining groups higher.

Aerospace and Defence

11,725.93

13:30 10/01/25
-0.67%
-79.25

Cobham

164.50p

14:03 17/01/20
0.00%
0.00p

Evraz

0.00p

17:30 18/12/24
0.00%
0.00p

Food & Drug Retailers

4,389.78

13:30 10/01/25
-1.23%
-54.86

Fresnillo

666.00p

13:30 10/01/25
-0.45%
-3.00p

FTSE 100

8,272.31

13:30 10/01/25
n/a
n/a

FTSE 250

19,850.29

13:30 10/01/25
n/a
n/a

FTSE 350

4,536.07

13:30 10/01/25
n/a
n/a

FTSE All-Share

4,491.18

13:30 10/01/25
n/a
n/a

Industrial Engineering

12,225.19

13:30 10/01/25
-0.67%
-82.00

Industrial Metals & Mining

5,986.81

13:30 10/01/25
-0.02%
-1.07

Meggitt

798.80p

16:52 12/09/22
0.00%
0.00p

Mining

10,733.27

13:30 10/01/25
-0.69%
-74.30

Polymetal International

215.00p

16:35 31/07/23
0.00%
0.00p

Randgold Resources Ltd.

6,546.00p

17:00 28/12/18
0.00%
0.00p

Rotork

314.80p

13:30 10/01/25
-1.07%
-3.40p

Tesco

360.10p

13:30 10/01/25
-2.15%
-7.90p

Overnight, spot iron ore prices at Tianjin advanced from $69.0 a tonne to $71.5 a tonne, alongside a gain in steel rebar from $446.6 a tonne to $452.2.

However, a spike in US Treasury yields lifted the US Dollar index, leaving a big dent in gold futures and punishing shares in precious metals miners such as Fresnillo, Randgold Resources and Polymetal.

As of 1627 GMT gold futures for delivery in December were down by 1.93% to $1,187.90 on COMEX.

Rotork was the standout gainer among Industrial Engineering stocks a day after the company said it expected full-year revenue to be towards the top end of expectations due to a currency tailwind and a good performance from acquisitions.

Shares in the valve specialist were making a run at technical resistance near 229p and to break above its 200-day moving average in a convincing manner.

Aerospace and Defence was also near the top of the leaderboard, with shares in Meggitt and Cobham pacing gains.

Meggitt got a boost on Wednesday from speculation it may have received a bid approach.

In parallel, Cobham got a leg up from Sandy Morris at Jefferies who nudged higher his target price on the manufacturer.

"We find that some significant drivers should work in Cobham's favour - defence spending, digitalisation (the "Cloud"), new air traffic management systems and more efficient shipping," Morris said in a research note sent to clients.

Going the other way, supermarket Tesco was the main drag on its sector, with traders pointing to the fact they will be hit by the increase in the National Living Wage to £7.50 from £7.20 in April next year.

Top performing sectors so far today
Industrial Metals & Mining 2,669.00 +3.12%
Industrial Engineering 9,941.34 +1.66%
Aerospace and Defence 4,671.84 +1.30%
Technology Hardware & Equipment 957.69 +1.19%
Automobiles & Parts 7,290.09 +0.71%

Bottom performing sectors so far today
Fixed Line Telecommunications 4,109.89 -1.51%
Construction & Materials 6,446.74 -1.42%
Electronic & Electrical Equipment 4,830.21 -1.35%
Food & Drug Retailers 3,089.37 -1.35%
Household Goods & Home Construction 15,710.41 -1.23%

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