Sector movers: Big Pharma, Aerospace pace gains

19th Feb 2024 23:37

(Sharecast News) - UK stocks outperformed those on the Continent for a fourth session in a row in calm trading due to the Presidents' Day holiday Stateside.

Big Pharma paced gains after the US Food and Drug Administration (FDA) granted approval for a combination of its cancer drug Tagrisso with chemotherapy to treat a type of lung cancer.

Aerospace also fared well as investors bid shares of BAE Systems and Rolls-Royce higher ahead of their full-year numbers which were due out on Wednesday and Thursday, respectively.

Shares of industrial miners meanwhile dragged on the FTSE 350 following what some market commentary labelled a "tepid" start of mainland Chinese shares after the Lunar New Year holidays.

Indeed, there was speculation that state funds had stepped in to bolster China's stock markets.

Top performing sectors so far today

Pharmaceuticals & Biotechnology 20,830.23 +1.84%

Leisure Goods 24,145.49 +1.60%

Aerospace and Defence 9,603.40 +1.59%

Telecommunications Service Providers 1,764.03 +1.52%

Construction & Materials 9,378.70 +0.64%

Bottom performing sectors so far today

Tobacco 26,960.75 -1.43%

Non-life Insurance 3,311.48 -1.33%

Industrial Metals & Mining 6,104.77 -1.32%

Automobiles & Parts 1,342.85 -1.10%

Chemicals 9,372.14 -1.09%