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Oil and Defence stocks were among the strongest areas of the market at the start of the week buoyed by hopes that a prompt rollout of Covid-19 vaccines might offset the near-term risks to growth from the second wave of the pandemic, and if not immediately then over the course of 2021.
Investors continued to pick up issues in so-called 'value' sectors at the start of the week, as they were arguably trading at too steep a discount to their estimated fundamental value going forwards given news of another breakthrough in efforts to develop a vaccine against Covid-19.
Banking and Aerospace issues were at the bottom of the pile on Thursday as concerns around the ongoing second wave of the Covid-19 pandemic on both sides of the Atlantic appeared to reassert themselves.
Aerospace and Defence names were again higher, although analysts' opinions were a little divided when it came to the likes of engineer Rolls Royce or budget airlines.
Aerospace and Defence, and Big Oil were wanted at the start of the week following news that one of the front-runners in the fight to find a vaccine against Covid-19 had proven far more effective than even company insiders had hoped for.
Defensives paced Wednesday's rally from an early drop as investors woke up to find the result of the US presidential elections were still being hotly contested.
Aerospace and Defence names extended their gains from the preceding session on the back of analysts' upgrades, some of whom had pointed out that the historic valuation discount versus the broader market, defined as the Stoxx Europe 600, that they had reached in October.
Some of the more beaten down areas of the London stockmarket paced gains at the start of the week, amid bottom-picking by some investors even in the face of the uncertainty posed by the 3 November elections the next day.
Aerospace and Defence continued to the weakest link in the FTSE 350 with investor sentiment soft, possibly in part due to expectations that the Democrats might win in the US presidential elections on 3 November.
Aerospace and Defence was again the biggest drag in London markets, with Rolls Royce seeing profit-taking after the engineer's well received rights issue just the day before.
Stocks were walloped in the middle of the week as concern over the impact that the second Covid-19 wave would have on economies in the near-term, miners, chemical companies and life insurers all lower.
Life insurance and Aerospace and Defence issues paced losses on Tuesday, as mounting concerns around the ongoing second wave of Covid-19, especially in Southern and Eastern Europe, weakened investor sentiment.
Travel stocks paced decliners at the start of the week, amid news that multiple European governments were planning to tighten restrictions on mobility due to the second wave Covid-19.
Cyclicals were again helping to buoy the FTSE 350 on Tuesday, although this time around it was Industrial Transportation, Real Estate Investment Trusts and Media that were doing best.
The more cyclicals areas of the stockmarket were sought out on Monday following reports at the weekend that appeared to point to an increased likelihood of an agreement in the US Congress on a new fiscal stimulus package.
Stocks were pummeled on Tuesday as concerns mounted that the rising rate of Covid-19 infections might force the government into tightening lockdown measures further, on top of a day fraught with nervousness around the ongoing Brexit talks with Brussels.
Goldman Sachs sounded a 'bullish' note on the outlook for crude oil prices even in the event of a US presidential election win by Democratic party hopeful Joe Biden.
