Sector movers: Real estate and financial services shares weigh the most

Falls among smaller UK-focused shares weighed the most on the stockmarket, taking the second-tier FTSE 250´s cumulative two-day decline to 14% - its biggest since 1987.

The FTSE 250 lost 1,120.19 points or 6.96% on Monday to end the session at 14,967.86.

Real estate investments trusts and financial services stocks led losses for the FTSE 350, although 'defensive' sectors such as tobacco and pharmaceuticals clocked in with gains, as did oil and gas producers.

In a research note sent to clients on Monday, JP Morgan strategist Mislav Matejka recommended clients be ‘overweight’ low-Beta stocks (those with lower correlations versus their respective benchmarks) and defensives.

The consequences of Brexit would be long-lasting as there were no easy or quick remedies for the shift towards 'anti-establishment' politics over the past few years, which the financial community had tended to underestimate, he said.

Nonetheless, Matejka remained 'overweight' on the Footsie, saying he expected it to outperform (on a currency-hedged basis).

Precious metals miners Randgold Resources and Fresnillo were also among the few gainers in equity markets on Monday again, and at the top of the leaderboard for the top flight index, as gold prices hit a two-year high and supported by upgrades from Goldman Sachs.

Top performing sectors so far today

Oil & Gas Producers 6,937.59 +1.73%
Tobacco 52,224.97 +1.37%
Pharmaceuticals & Biotechnology 12,589.49 +1.31%
Gas, Water & Multiutilities 6,097.59 +0.82%
Beverages 15,853.84 +0.55%

Bottom performing sectors so far today
Food Producers & Processors 6,950.06 -10.51%
Real Estate Investment & Services 2,162.98 -9.41%
Automobiles & Parts 5,889.59 -9.39%
Financial Services 7,395.62 -9.34%
Real Estate Investment Trusts 2,494.80 -9.09%