Share Prices & Company Research

Market News

10 Mar 2021 | 15:58

Sector movers: Stocks end mixed amid drag from lower commodity prices, pound strength

(Sharecast News) - Stocks were mixed on Wednesday as investors paused for breath following recent heavy gains.

However, some analysts linked the flattish session for prices to broader themes in the marketplace, particularly weakness in commodity prices and the relative resilience of Sterling.

"The FTSE 100 continues to show signs of fatigue after its recent gains, with mining stocks still acting as a drag on the index following recent weakness in commodity prices," said IG chief market analyst Chris Beauchamp.

"The currency angle is playing a part once again too, sterling remaining strong against the dollar while the euro struggles to recover after recent losses, explaining why continental indices have enjoyed a better time of it in recent sessions."

Oil equipment stocks were at the bottom of the pile, even as analysts Citi warned that OPEC+'s recent surprise decision to hold the group's combined output steady all but "promised" a 1.0m barrel a day increase in US shale production in 2021.

Miners meanwhile were tracking continued losses in spot iron ore prices.

In parallel, life insurers were knocked lower as the rebound in government bond yields petered out, although investors were keeping close tabs on the results of a 10-year US Treasury auction scheduled for later in the day.

Top performing sectors so far today

General Retailers 2,626.69 +1.91%

Industrial Transportation 3,467.41 +1.87%

Beverages 23,711.42 +1.51%

Household Goods & Home Construction 17,910.77 +1.32%

Mobile Telecommunications 2,959.07 +1.26%

Bottom performing sectors so far today

Oil Equipment, Services & Distribution 5,702.08 -2.87%

Automobiles & Parts 4,713.45 -2.25%

Mining 23,870.36 -2.12%

Life Insurance 8,097.66 -1.19%

Software & Computer Services 1,928.72 -1.13%





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