Sector movers: Company news-flow dominates ahead of key inflation readings

28th Feb 2024 17:01

(Sharecast News) - Stocks in the UK dipped on Wednesday as investors waited on the week's key economic reports, the inflation readings that were due out in the euro area and the US on the next day.

Against that backdrop, the day's main market moves came dictated by company-specific news-flow.

Reckitt Benckiser paced decliners in the Personal Care sector after posting fourth-quarter sales that missed expectations.

Burberry shares meanwhile dragged on the Personal Goods space, likely as a result of its exposure to the Chinese market.

Overnight, a petition was filed in Hong Kong to wind up troubled property developer Country Garden, news of which weighed on Chinese stocks more generally.

Taylor Wimpey shares accounted for weakness in Home Construction.

The housebuilder said 2023 profits almost halved as higher mortgage rates hit demand.

Nonetheless, it did add that current trading was showing "some encouraging signs of improvement with reduced mortgage rates positively impacting affordability".

Yet for their part, analysts at Quilter Cheviot said the company's guidance for 2024 pointed to a "marginally worse" year than in 2023 in terms of volume and price, Dow Jones Newswires reported.

On the upside, Direct Line surged, pushing its sector to the top of the leaderboard in the process.

That followed a report it has rejected a takeover approach from Belgian insurer Ageas.

Rolls-Royce shares meanwhile continued to push towards its all-time highs despite already being in so-called overbought territory.

Top performing sectors so far today

Non-life Insurance 3,537.32 +2.82%

Banks 3,625.88 +1.18%

Aerospace and Defence 9,890.66 +0.96%

Automobiles & Parts 1,363.89 +0.86%

Retailers 3,797.98 +0.37%

Bottom performing sectors so far today

Personal Care, Drug and Grocery Stores 3,922.26 -3.23%

Personal Goods 18,220.62 -3.13%

Household Goods & Home Construction 12,511.83 -2.21%

Chemicals 8,810.81 -2.19%

Real Estate Investment Trusts 2,130.52 -2.07%