Sector movers: Aerospace and Defence, Pharma pace gains

8th May 2024 19:10

(Sharecast News) - London's main stock market gauges continued to push higher in the middle of the week, even as investors waited on the Bank of England's policy announcement on the following day.

Against that backdrop, the FTSE 100 ended the session ahead by 0.49% to 8,354.05, while the second-tier index was up 0.39% at 20,491.99.

Brent crude oil futures and benchmark 10-year Gilt yields were a tad higher and cable a bit lower.

No one was expecting the Monetary Policy Committee to announce any changes at Thursday's meeting, but a rate cut in August, if not perhaps even in June, appeared increasingly likely.

That said, at least at present,, money markets were pricing in just two cuts for over the remainder of 2024.

Aerospace and Defence, together with Pharma, were among the strongest segments of the FTSE 350 throughout much of the day, buoyed in part by strength in the likes of AstraZeneca and BAE Systems whose shares hit fresh record highs.

Industrial miners were the main drag on profit-taking in copper prices.

Analysts at SP Angel cited news of Indonesia's decision to extend Freeport's export permit and U.S. dollar strength as the main reasons for the move in copper.

Top performing sectors so far today

Beverages 22,494.02 +1.81%

Non-life Insurance 3,672.37 +1.70%

Aerospace and Defence 11,048.73 +1.48%

Industrial Engineering 14,053.01 +1.30%

Leisure Goods 24,837.58 +1.22%

Bottom performing sectors so far today

Industrial Metals & Mining 7,050.66 -1.16%

Automobiles & Parts 1,177.43 -1.09%

Investment Banking and Brokerage Services 14,497.60 -1.00%

Telecommunications Service Providers 1,811.94 -0.50%

Personal Goods 15,999.73 -0.26%