Sector movers: Miners climb, mobile telecoms dialled down
Miners were the standout gainers on Friday, with electronics and electrical equipment, while mobile telecoms and utilities were losing out.
Resources were pacing gains as copper prices rose, led by the likes of Glencore, BHP, Antofagasta and Anglo American,. Precious metals miner Fresnillo shone after an upgrade to 'buy' from 'neutral' at UBS.
Friday's popular Flow Show update from BofA Merrill Lynch noted that we are "in a global EPS recession", with Asian export growth negative and Merrill's global EPS model forecasting flat EPS growth in the next 12 months versus 6% consensus.
But BofAML noted some "signs the global EPS recession is over", namely the 2yr-10yr yield curve steepening, global PMI up from 51 to 53 and Asian export growth rebounding as signaled by the Bloomberg JPMorgan Asia Dollar Index >108, Koreas Kospi at 2300, copper >$300.
The electronics sector was led by Renishaw, Spectris and Halma. Construction was also strong.
Some experts cited optimism about avoiding a no-deal Brexit as one possible reason.
Mobile telecoms was dragged down by a Vodafone update that was fairly solid but disappointed investors.
With utilities dropping too, this was not untypical on a risk-on session.
Top performing sectors so far today
Mining +2.42%
Forestry & Paper +2.30%
Electronic & Electrical Equipment +1.94%
Construction & Materials +1.79%
General Industrials +1.50%
Bottom performing sectors so far today
Mobile Telecommunications -4.22%
Gas, Water & Multiutilities -1.26%
Pharmaceuticals & Biotechnology -1.24%
Fixed Line Telecommunications -1.21%
Non-life Insurance -1.09%
Market Movers
FTSE 100 (UKX) 6,829.24 0.15%
FTSE 250 (MCX) 18,659.80 0.17%
techMARK (TASX) 3,340.02 -0.30%
FTSE 100 - Risers
Fresnillo (FRES) 929.82p 4.24%
Smurfit Kappa Group (SKG) 2,192.00p 3.89%
Antofagasta (ANTO) 826.40p 3.58%
Glencore (GLEN) 297.65p 3.30%
easyJet (EZJ) 1,293.50p 3.11%
CRH (CRH) 2,234.00p 2.81%
Anglo American (AAL) 1,841.40p 2.73%
TUI AG Reg Shs (DI) (TUI) 1,224.00p 2.38%
Mondi (MNDI) 1,850.50p 2.38%
BHP Group (BHP) 1,602.40p 2.13%
FTSE 100 - Fallers
Vodafone Group (VOD) 138.05p -4.16%
GVC Holdings (GVC) 656.00p -2.31%
InterContinental Hotels Group (IHG) 4,282.50p -2.30%
Hiscox Limited (DI) (HSX) 1,477.00p -2.12%
Severn Trent (SVT) 1,935.00p -2.07%
Burberry Group (BRBY) 1,791.00p -1.73%
United Utilities Group (UU.) 809.00p -1.56%
Bunzl (BNZL) 2,346.00p -1.47%
Admiral Group (ADM) 2,094.00p -1.46%
National Grid (NG.) 793.30p -1.29%
FTSE 250 - Risers
Kaz Minerals (KAZ) 544.99p 6.44%
Just Eat (JE.) 701.60p 5.16%
Hochschild Mining (HOC) 169.72p 3.90%
Sirius Minerals (SXX) 19.83p 3.61%
Clarkson (CKN) 2,538.59p 2.99%
Rank Group (RNK) 150.51p 2.95%
Renishaw (RSW) 4,214.00p 2.93%
Weir Group (WEIR) 1,452.50p 2.76%
Centamin (DI) (CEY) 116.10p 2.38%
Spectris (SXS) 2,505.00p 2.29%
FTSE 250 - Fallers
Barr (A.G.) (BAG) 768.50p -3.70%
Tritax Big Box Reit (BBOX) 135.00p -3.23%
Apax Global Alpha Limited (APAX) 143.42p -2.77%
Mediclinic International (MDC) 319.70p -2.50%
Plus500 Ltd (DI) (PLUS) 1,529.00p -2.11%
Cineworld Group (CINE) 264.80p -2.07%
Telecom Plus (TEP) 1,426.00p -2.06%
Lancashire Holdings Limited (LRE) 576.95p -2.05%
Cranswick (CWK) 2,894.00p -2.03%
Beazley (BEZ) 510.00p -2.02%