Sector movers: Industrial miners pace gains
By Alexander Bueso
Date: Wednesday 17 Apr 2024
(Sharecast News) - Industrial miners led gains on the FTSE 350 in the middle of the week as risk aversion waned.
That despite Foreign Secretary David Cameron having said that it was clear that Israel would retaliate, although he hoped it would be in such a way that it would not escalate the situation.
"The world has spent four days waiting for an Israeli response to Iran's weekend attacks, and none has yet materialised," said IG chief market analyst Chris Beauchamp.
"The wave of selling across global markets has subsided for now, though we suspect it could easily return should Tel Aviv opt for a major retaliatory action."
Against that backdrop, July copper futures on COMEX gained 1.11% to $4.3795/lb. and to within a whisker of its 52-week highs.
Also boosting the sector were Antofagasta and Rio Tinto after they reiterated their output guidance.
Top performing sectors so far today
Industrial Metals & Mining 6,794.37 +2.23%
Beverages 22,142.82 +1.72%
Precious Metals and Mining 10,638.88 +1.48%
Personal Goods 15,918.23 +1.28%
Food Producers 7,468.12 +0.97%
Bottom performing sectors so far today
Software & Computer Services 2,339.21 -1.29%
Automobiles & Parts 1,203.90 -1.22%
Real Estate Investment Trusts 2,175.31 -0.76%
Electronic & Electrical Equipment 9,558.65 -0.61%
Pharmaceuticals & Biotechnology 21,084.01 -0.47%
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