Sector movers: Industrial metals, food retailers lead

The best performing areas of the market were a mix of cyclicals and defensives.

Industrial metals again did best, as Chinese steel futures continued to rise in anticipation of the end of winter production cuts.

Rebar traders in the Asian giant were now holding just 3.61m tonnes, the least in a year, said analysts at SP Angel.

Shares of the major grocers advanced as the pound traded higher, aided by optimism around the Brexit negotiations and dovish remarks from Federal Reserve chair Janet Yellen the day before which were weighing on the US dollar.

As the pound strengthens the risk of the inflation overshoot (and the drain on consumer budgets that entails) being more sustained falls.

Going the other way, life insurers were at the bottom of the pile on the heels of profit-taking, according to analysts in the City.

Tobacco was also lower with one trader linking losses in shares of British American Tobacco to the proximity of technical resistance at the stock's 200-day moving average.

Top performing sectors so far today

Industrial Metals & Mining 3,363.50 +3.71%
Oil Equipment, Services & Distribution 13,371.02 +2.48%
Electricity 8,047.84 +2.39%
Fixed Line Telecommunications 2,920.24 +2.29%
Food & Drug Retailers 3,018.23 +2.15%

Bottom performing sectors so far today
Tobacco 54,686.76 -0.56%
Chemicals 14,049.80 -0.48%
Mobile Telecommunications 5,035.20 -0.39%
Construction & Materials 6,419.64 -0.35%
Beverages 20,747.62 -0.25%