Sector movers: Electricity up, oil engineers down
By Oliver Haill
Date: Wednesday 14 Nov 2018
(Sharecast News) - Electricity and telecoms were the livewire sectors on Wednesday, while oil engineers were on the rocks.
An update from SSE helped lift the electricity sector, even though Scottish energy group posted a 41% drop in interim profits. The company also announced the creation of a new business made up of its renewable energy assets in the UK and Ireland, in a single entity to be known as SSE Renewables.
Elsewhere in the sector, coal-to-biomass burner Drax was down but power provider Contourglobal was up. In the services sector, temporary power generation equipment supplier Aggreko was a big faller a day after its quarterly update.
Meanwhile the fixed-line telecoms sector was all in the green, led by BT.
On the down side, engineers including energy focused Wood Group, Petrofac and Hunting and most oil producers were in the red as oil prices levelled off after their bear-market tumble.
Producers' cartel OPEC said it was considering cutting production by up to 1.4m barrels, while Russia's energy minister said no emergency action was warranted to stem consistent declines in oil prices.
Alexander Novak told reporters that the market, which rallied a little across the session, was "volatile due to a lot of uncertainty", and that the fallout from US sanctions against Iran and how buyers would behave was still not fully understood.
Top performing sectors so far today
Electricity 7,282.09 +4.29%
Fixed Line Telecommunications 2,993.67 +2.97%
Industrial Transportation 2,537.82 +2.24%
General Industrials 5,581.55 +2.19%
Software & Computer Services 1,697.98 +1.86%
Bottom performing sectors so far today
Technology Hardware & Equipment 908.61 -3.19%
Industrial Metals & Mining 4,815.97 -3.15%
Oil Equipment, Services & Distribution 12,909.66 -2.61%
Mining 16,532.34 -2.04%
Automobiles & Parts 7,655.30 -1.82%
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