Sector movers: Banks and Airlines pace gains

Banks lent their heft to the upside move on the FTSE 350 at the start of the week following a report at the weekend that No.10 and the Treasury were less likely than some believed to slap a windfall tax on the sector.

The Sunday Times cited two senior sources close to Prime Minister Rishi Sunak and Chancellor Jeremey Hunt as saying that they had played down the notion they were looking at new taxes on banks.

But it was IAG that topped the leaderboard for the top-flight index, after The Times reported that the carrier had turned its attention towards acquisitions following a strong summer.

Shares of Easyjet and Wizz Air also caught a bid on the back of the news.

Top performing sectors so far today

Travel & Leisure 6,223.70 +2.16%

Telecommunications Service Providers 2,511.68 +2.03%

Personal Care, Drug and Grocery Stores 3,946.24 +1.48%

Banks 2,900.96 +1.32%

Industrial Transportation 3,305.65 +1.32%

Bottom performing sectors so far today

Electronic & Electrical Equipment 8,451.49 -1.56%

Industrial Engineering 13,484.70 -1.35%

Chemicals 11,389.60 -1.33%

Leisure Goods 15,962.71 -1.31%

Household Goods & Home Construction 9,540.58 -0.76%