Sector movers: Construction, Big Oil pace gains

2nd Jul 2024 16:57

(Sharecast News) - Construction stocks paced gains on the FTSE 350 on Tuesday, in anticipation of a Labour victory at the next elections and of policies friendly to the sector.

Big Oil also contributed to the gains as Brent crude oil futures hit their highest level in about two months at $87.46 a barrel on the ICE.

Helping to lift crude was the ongoing conflict in Gaza and news that a Category 5 hurricane, named Beryl, had formed in the Atlantic, the strongest ever storm at this time of year.

The odds of Beryl actually impacting on US oil and gas output in the Gulf of Mexico was put at around 33%, but concern about the upcoming hurricane season was enough to weigh on shares of non-life insurers too.

Top performing sectors so far today

Construction & Materials 10,351.17 +0.75%

Oil, Gas and Coal 9,352.70 +0.62%

Household Goods & Home Construction 13,210.53 +0.60%

Chemicals 8,087.79 +0.51%

Software & Computer Services 2,504.51 +0.42%

Bottom performing sectors so far today

Non-life Insurance 3,498.29 -2.36%

Telecommunications Service Providers 1,991.13 -1.95%

Precious Metals and Mining 10,315.59 -1.92%

Pharmaceuticals & Biotechnology 22,297.46 -1.59%

Leisure Goods 25,728.21 -1.40%