Sector movers: Miners, software pace losses

Miners and oil equipment stocks gave back their gains from the previous session amid concerns ahead of the expected announcement by the US of tariffs on $50bn-worth of Chinese goods.

In the event, the executive memo instructing the US Trade Representative Robert Lighthizer to impose at least that amount of levies was signed just after the close of markets in London.

Lighthizer was given 15 days to draw up the exact list of goods which would face the new tariffs.

As he was signing the memo, he reportedly said it would be the first of many.

Against that backdrop, May 2018 copper futures on COMEX were to be seen 0.90% lower at $3.0310/lb..

Precious metals miners' shares were weakest, despite a small move higher in gold futures, alongside a large drop in stock of Kaz Minerals.

Software stocks were also on the back foot, extending recent losses.

Micro Focus was the weakest link in the chain after ratings agency Moody's dropped its outlook on the company's long-term debt to 'negative'.

"The outlook change to negative reflects the increased execution risks and heightened uncertainty regarding revenue and EBITDA development for 2018 and beyond, following Micro Focus' announcement of greater than expected challenges in integrating the HPE Software business.

"The attrition in the sales personnel and resulting pressure on revenue may also take some time to address," Moody's said.

Top performing sectors so far today

Household Goods & Home Construction +0.98%

Tobacco +0.49%

Beverages +0.04%

Alternative Energy 0.00%

Alternative Investment Instruments 0.00%

Bottom performing sectors so far today

Leisure Goods -3.10%

Mining -3.09%

Oil Equipment, Services & Distribution -2.53%

Software & Computer Services -2.28%

Mobile Telecommunications -2.21%