Sector movers: Household and personal goods names move higher

2nd Feb 2017 15:22

(ShareCast News) - As expected, in its latest Inflation Report the Monetary Policy Committee did bump its growth forecasts, but in an unexpected twist it also trimmed its medium-term forecast for inflation, sending yields on the benchmark 10-year Gilt spiralling lower by seven basis points to 1.38%.Unsurprisingly, that helped buoy Household Goods & Home Construction and Construction issues, as well as stocks in the Personal Goods space, some of whom must compete with Gilts to attract investors hungry for yield.Nonetheless, among Household Goods issues the best performer was Reckitt Benckiser, after the maker of Durex and Nurofen confirmed that it was in "advanced negotiations" to buy US baby milk company Mead Johnson for around $16.7b.Among Personal Goods stocks, Compass got a boost after it reiterated its outlook for 2017, telling investors to expect an uplift to earnings from the weaker pound.Shares in multinational sports betting and gaming group and owner of the 'Foxy Bingo' brand GVC Holdings also climbed higher as management confirmed it has now repaid in full the outstanding loan of €386m provided by Cerberus Business Finance, through a combination of existing cash resources and the drawdown of the €250m loan from Nomura International.Acting as a backdrop, on Thursday strategists at both Credit Suisse and JP Morgan sounded a cautious note on cyclicals and Small and Midcap equities, respectively.Top performing sectors so far todayHousehold Goods & Home Construction 16,833.11 +3.07%Construction & Materials 6,860.13 +1.51%General Industrials 6,006.78 +1.42%Personal Goods 29,397.80 +1.29%Travel & Leisure 8,772.54 +1.28%Bottom performing sectors so far todayChemicals 12,660.48 -0.74%Real Estate Investment Trusts 2,757.08 -0.70%Financial Services 9,531.46 -0.63%Oil Equipment, Services & Distribution 15,857.99 -0.63%Life Insurance 7,676.89 -0.42%