Sector movers: Autos and electricity lead gains

The automobiles and parts sector was driving gains on Tuesday, while certain utilities were higher as another energy supplier lifted prices.

Giving a boost to the auto sector was a statement from France’s Michelin, which remained positive about the current year despite “a challenging environment”.

Michelin said volumes had fallen in its first quarter but improved over the rest of year, “in markets heavily disrupted by the contraction in demand in the original equipment passenger car tire segment and in China”.

In its statement about the current year, the tyre manufacturer said it expected “sustained growth in segment operating income".

The European automobiles & parts index was up 2.7% by mid-afternoon, while in the FTSE 350, Aston Martin was up 1.3% and TI Fluid up 0.8%.

Big Six energy suppliers SSE and Centrica were both up more than 1%, while other utilities were flat or in the red.

On Tuesday, French-owned UK supplier EDF Energy became the second major supplier to hike energy prices 10% for gas and electricity customers, following the lifting of the price cap by the regulator. SSE and Centrica are both expected to follow suit shortly.

Tuesday's data showed that UK wholesale gas prices dropped on the back of a reduction in consumption due to warmer weather, balanced by lower flows from the Netherlands and Norway. National Grid data showed demand forecast at 294.1m cubic metres and supplies seen at 291.9 mcm.

The financial services sector was dragged lower as Plus500 lost more than a quarter of its value after warning current year profits would be “materially lower” than market expectations due to new European Union regulations on financial products, with the news wiping more than a third off the share price on Tuesday. IG Group was also down more than 5%.

Top performing sectors so far today

Automobiles & Parts 6,465.62 +0.89%

Electricity 7,196.26 +0.65%

Oil & Gas Producers 9,066.54 +0.61%

Technology Hardware & Equipment 1,165.73 +0.54%

Pharmaceuticals & Biotechnology 14,520.82 +0.53%

Bottom performing sectors so far today

Tobacco 32,420.36 -1.42%

Financial Services 9,823.88 -1.39%

Software & Computer Services 1,867.28 -1.19%

Beverages 23,707.40 -1.05%

Food & Drug Retailers 3,813.82 -1.04%