Sector movers: Power generators boosted by Autumn Statement, Oil and Gas drag

The latter group of stocks, in particular, benefitted from the Statement, with analysts at J.P.Morgan saying that it had "materially derisked" the outlook for UK Power Generation.

"We appreciate that some were hoping for a better outcome, whether via generous investment allowances or a higher threshold for excess profits," they said.

"Still, the market should not forget that these companies still have significant leverage to higher power prices, and we anticipate earnings upgrades to come."

Positive earnings momentum aside, the investment bank also believed that SSE, Centrica and Drax all offered "attractive" valuations and opportunities for value creation in a volatile environment.

Going the other way, Oil and Gas was the main drag on the market due to the weakening demand outlook.

"Oil has seen several sharp drops this week, followed up by tepid rallies that suggest recession fears are really making themselves felt in the commodity," said IG chief market analyst Chris Beauchamp.

"[...] While FOMC members go on about rising rates, the market is watching oil and other things like shipping rates and expecting further weakness in US CPI prints in coming months."

Top performing sectors so far today

Automobiles & Parts 1,351.22 +4.23%

Industrial Transportation 3,670.07 +3.17%

Personal Goods 34,139.04 +2.52%

Construction & Materials 6,898.56 +1.78%

Gas, Water & Multiutilities 5,775.05 +1.77%

Bottom performing sectors so far today

Oil, Gas and Coal 8,194.88 -0.69%

Aerospace and Defence 4,676.65 -0.64%

Industrial Metals & Mining 7,300.59 -0.19%

Electronic & Electrical Equipment 9,198.56 -0.12%

Alternative Energy 0.00 0.00%