Sector movers: Resources stocks rise, construction bounces
Oil services companies, oil producers were universally higher, while miners were mostly higher, save for those focused on precious metals.
Crude oil prices were higher, with a barrel of Brent up 1.6% to $60.94.
Oil prices were under pressure overnight amid worries over global equity markets and doubts that planned OPEC+ output cuts will be enough to combat oversupply, said market analyst Dean Popplewell at Oanda.
"But crude prices have received some support after Libya’s National Oil Company (NOC) declared force majeure on exports from the El Sharara oilfield, the country’s biggest, which was seized last weekend by a militia group."
Miners were lifted by positive reports on US-China relations, said broker SP Angel.
"News that Chinese Vice Premier Liu He discussed the timetable for trade talks with Treasury Secretary Mnuchin helped the sentiment slightly," analyst John Meyer said, noting that most of the base metals complex was higher.
Construction was bouncing back after taking a hit from Brexit concerns a day earlier.
The market in general was enjoying a rebound on Tuesday, with European and US stocks regaining some ground from a shaky start to the week.
"After a shaky start, buying looks to be taking hold across European markets, helped by hints of further telephone conversations between the US and Chinese trade teams," said Chris Beauchamp, chief market analyst at IG. "After slumping to two-year lows, some rebound was to be expected, but it is still far from clear whether there is sufficient momentum behind this one, when recent recoveries have proven to be short-lived."
There was an added boost for UK sentiment on Tuesday as job creation hit its highest level since April, while the rising trend in earnings continued.
Top performing sectors so far today
Oil Equipment, Services & Distribution +4.65%
Construction & Materials +4.05%
Mining +3.31%
Leisure Goods +3.25%
Support Services +2.89%
Bottom performing sectors so far today
Automobiles & Parts -0.59%
Technology Hardware & Equipment +0.17%
Real Estate Investment & Services +0.23%
Nonlife Insurance +0.40%
Food Producers +0.45%