Sector movers: Drax powers gains in Electricity space
By Alexander Bueso
Date: Thursday 30 Mar 2023
(Sharecast News) - Electricity and Real Estate Investment Trusts paced gains in the stock market during the next to last trading of the first quarter.
Personal Good and Precious Metals and Mining were right behind, with the former likely benefitting from hopes for the reopening of China's economy and a recovering in consumption in the Asian giant.
Indeed, shares of Burberry were to be seen again within throwing distance of their record highs.
Precious metals miners meanwhile were buoyed by a soft US dollar which helped gold futures for June delivery on COMEX to poke their head back above the $2,000/oz. mark at the intraday level.
Among Electricity stocks, Drax powered ahead after the company said that it was prepared prepared to invest £2bn to fit carbon capture and storage technology to some of the units at its Yorkshire plant.
Among REITs, Tritax Big Box REIT did best following an upgrade out of analysts at Berenberg on their recommendation for the investor in so-called 'Big Box' distribution centres from 'hold' to 'buy'.
Top performing sectors so far today
Electricity 11,003.34 +4.29%
Real Estate Investment Trusts 2,191.59 +3.48%
Personal Goods 35,478.00 +3.42%
Precious Metals and Mining 11,188.49 +2.87%
Real Estate Investment & Services 2,227.46 +2.06%
Bottom performing sectors so far today
Tobacco 31,336.53 -0.70%
Aerospace and Defence 6,230.50 -0.39%
Investment Banking and Brokerage Services 12,541.00 -0.29%
Food Producers 6,538.18 -0.18%
Pharmaceuticals & Biotechnology 20,826.54 -0.01%
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