Sector movers: Oil services sector in the green
Stock markets the world over were rallying amid a 'risk on' mood on Monday.
Oil services engineers were the top sector on Monday, as Brent crude rallied 1.1% to just under $78 per barrel. Hunting, Petrofac and Wood Group were all on the front foot. Oil producers were also all in the green, with BP erasing earlier losses but still lagging a sector where all shares were up at least 2%, led by Premier Oil's 9% gain.
Water and other utilities companies Severn Trent, United Utilities and Pennon were down, as defensive stocks were prominent among the fallers, with their propensity to get left behind during rally, allied to recently buoyant yields, to which these debt-heavy groups are very sensitive.
Top performing sectors so far today
Oil Equipment, Services & Distribution +2.96%
Industrial Metals & Mining +2.39%
Forestry & Paper +2.18%
Mining +2.16%
General Retailers +1.70%
Bottom performing sectors so far today
Gas, Water & Multiutilities -1.21%
Real Estate Investment & Services -0.79%
Real Estate Investment Trusts -0.31%
Industrial Transportation -0.30%
Electricity -0.26%