Sector movers: Cyclicals pace gains

7th Mar 2024 17:26

(Sharecast News) - Cyclicals paced gains in the FTSE 350 on Thursday, against a backdrop of gains for stocks around the world.

Industrial Support Services topped the leaderboard amid a surge in shares of Rentokil on the back of its full-year results.

The pest control specialist said that full-year profits and revenues soared by 43.8% to reach £766m, aided by its acquisition of Terminix in the States.

"Rentokil had to pull a rabbit out of the hat with its latest results to win back investor support, and fortunately it's done just that," said Dan Coatsworth, investment analyst at AJ Bell.

"It delivered exactly the reassurance the market wanted - it expects to achieve greater synergies from the Terminix deal than previously guided, management is upbeat about the outlook and there is a plan to reinvigorate North American growth."

Aviva meantime accounted for strength in the Life Insurance space as the insurance giant unveiled a £300m share buyback and better-than-expected 9% increase in full-year earnings on a strong increase in general insurance premiums.

Top performing sectors so far today

Industrial Support Services 11,049.96 +2.59%

Chemicals 9,234.94 +2.05%

Life Insurance 5,942.50 +1.88%

Industrial Engineering 14,457.64 +1.58%

Pharmaceuticals & Biotechnology 20,782.02 +1.32%

Bottom performing sectors so far today

Banks 3,629.10 -1.60%

Retailers 3,775.18 -1.60%

Non-life Insurance 3,645.01 -0.87%

Medical Equipment and Services 11,238.60 -0.84%

Personal Goods 17,790.29 -0.80%