Sector movers: Miners pace gains on improved sentiment towards China

13th Mar 2024 19:43

(Sharecast News) - Industrial miners' shares paced gains on the FTSE 350 in the middle of the week amid improved sentiment towards the People's Republic of China.

"The rebound in Chinese markets is catching the attention this side of the globe, as mining stocks in London lead the way higher," said IG chief market analyst Chris Beauchamp.

"After huge outflows from Chinese markets over the last year, it looks like investor confidence in the outlook is returning, along with hopes of renewed raw material demand."

On Wednesday, China's State Council had published its action plan for upgrading equipment and to promote consumer goods trade-ins in order to reach its 2027 targets.

According to Duncan Wrigley at Pantheon Macroeconomics, the plans made China's new targets "credible".

"The action plan includes incremental support each year up to 2027, putting a floor under domestic demand and providing space for industrial restructuring and resolving property sector issues, without resorting to a big credit stimulus."

Top performing sectors so far today

Industrial Metals & Mining 6,088.40 +2.74%

Construction & Materials 9,826.22 +2.42%

Oil, Gas and Coal 8,568.55 +1.36%

Tobacco 26,885.93 +0.98%

Retailers 3,854.12 +0.92%

Bottom performing sectors so far today

Telecommunications Service Providers 1,766.84 -2.69%

Non-life Insurance 3,686.26 -1.99%

Real Estate Investment & Services 2,237.93 -1.77%

Industrial Support Services 10,896.57 -1.21%

Software & Computer Services 2,534.42 -0.85%