Sector movers: Real estate, homebuilders limit losses

22nd Aug 2016 15:44

(ShareCast News) - Real Estate Investment Trusts and Home Construction stocks paced gains at the start of the week, buoyed by a large drop in longer-term Gilt yields and reports that Westminster might be readying a multi-billion pound fund to support property developers in a bid to stimulate the UK's economy after the Brexit result.According to sources cited by Property Week, the fund would be used to provide financial guarantees to developers worried about undertaking large projects in the uncertain economic climate.To take note of, Persimmon was set to release it latest interims on the next day.Industrial Metals & Mining were also weak, as shares in Evraz retreated despite continuing expectations that Chinese authorities would adopt further measures to curtail excess supply.Miners were also on the back-foot as the US dollar strengthened on the back of comments overnight from US Federal Reserve vice-chairman Stanley Fischer which market-watchers said had a hawkish streak to them.Three-month LME-traded copper futures finished the day down by 0.8% to $4,760.00 per metric tonne, although by the closing bell in London the US dollar spot index had practically erased all its earlier gains.As of 18:01 BST the dollar index was just 0.05% up on the day at 94.56.On a related note, in a research note sent to clients on Monday analysts at JP Morgan mused aloud that "the dollar might be ending the bull market it enjoyed for the past few years," with commodities potentially bottoming out alongside it.Oil & gas producers also traded lower, weighed down by reports that Iraq - OPEC's second-biggest oil producer - will boost its oil exports by 5%.The stronger dollar and a jump in the Baker Hughes US oil-rig count, with the latter published after the close of trading in London on 19 August, also weighed on prices.Top performing sectors so far todayFixed Line Telecommunications 4,510.63 +0.96%Real Estate Investment Trusts 2,978.70 +0.74%Household Goods & Home Construction 16,569.23 +0.73%Food & Drug Retailers 2,630.95 +0.44%Forestry & Paper 17,094.15 +0.44%Bottom performing sectors so far todayIndustrial Metals & Mining 1,414.28 -4.46%Mining 11,696.67 -2.74%Oil & Gas Producers 7,146.34 -1.54%Personal Goods 30,877.01 -1.04%General Industrials 5,175.73 -0.90%