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Sector movers: Stocks slip amid light profit-taking

By Alexander Bueso

Date: Tuesday 21 May 2024

Sector movers: Stocks slip amid light profit-taking

(Sharecast News) - Stocks ended a tad lower as investors waited on a raft of US central bank speakers scheduled for after the close of markets in London.
Presumably, their remarks would reveal at least a degree of caution regarding how quickly inflation would slip back in the States and how soon and fast the Federal Reserve would be able to reduce its policy rates.

Furthermore, as IG's Chris Beauchamp had pointed out just the day before, London's top-flight index had already run up by more than 8% month-to-date.

"Latecomers to the rally need to be wary; strong gains from February into April were followed up by a very choppy period, one that could easily recur."

Nonetheless, some investors noted the modestly lower than expected Canadian CPI figures for April and a slightly better-than-expected reading on German producer prices which were released on Tuesday.

In their opinion, they were indicative of ebbing price pressures in developed economics.

At the close, the yield on the benchmark 10-year Gilt was off by five basis points at 4.127%, alongside a similar decline for those on 10-year Treasuries to 4.41%.

Cable meanwhile was flat at 1.2706.

Worth noting, a potentially key reading on UK CPI covering the month of April was due out the next day.

Spearheading gains to the upside was Pharma with AstraZeneca notching up fresh record highs on the back of its 16% better-than-expected revenue target for 2030.

Top performing sectors so far today

Pharmaceuticals & Biotechnology 23,572.29 +1.10%

Non-life Insurance 3,686.96 +0.81%

Investment Banking and Brokerage Services 14,779.42 +0.22%

Medical Equipment and Services 12,284.05 +0.19%

Industrial Metals & Mining 7,460.77 +0.15%

Bottom performing sectors so far today

Automobiles & Parts 1,112.60 -3.98%

Telecommunications Service Providers 2,054.53 -2.57%

Industrial Engineering 14,331.46 -1.49%

Beverages 22,237.26 -1.34%

Industrial Transportation 4,265.74 -1.26%

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