(Sharecast News) – UK stocks underperformed peers on either side of the Atlantic on a mixed day for London’s main market indices.
Some market observers put that down partly to a continuing bid in Sterling, but added that a relatively more lacklustre outlook for the country’s economy might also be a factor.
“Once more it is the FTSE 100 that has been left behind by its peers,” said IG chief market analyst Chris Beauchamp.
“A mixture of stocks, but containing some heavyweight names like HSBC, have taken the index lower. A rallying pound won’t help matters, but the lack of any continued rebound this year speaks to continued disillusion among global investors regarding the prospects for the UK economy.”
Against that backdrop, precious metals miners were again at the fore, buoyed by the continued grind higher in gold and silver futures.
On the other side of the equation was the pressure on government bond yields in the euro area, UK and U.S., which meant that the yellow metal’s allure was somewhat greater.
Lower bond yields also helped to prop up the more interest rate sensitive areas of the market, namely everything having today with housing and real estate.
In the background, market commentary was focused on the ongoing debate regarding whether financial markets were over-pricing, or not, the likely extent of any central bank rate cuts in 2024.
Top performing sectors so far today
Precious Metals and Mining 10,044.64 +2.55%
Real Estate Investment & Services 2,174.58 +2.03%
Household Goods & Home Construction 11,975.21 +1.20%
Real Estate Investment Trusts 2,208.13 +1.15%
Construction & Materials 8,625.63 +0.96%
Bottom performing sectors so far today
Retailers 3,538.35 -2.61%
Life Insurance 5,871.76 -1.71%
Beverages 21,566.57 -1.21%
Tobacco 28,187.81 -1.16%
Industrial Metals & Mining 6,498.29 -1.06%
