Sector movers: Telecoms benefit again as oil slips
Higher yielding stocks were again the main beneficiaries of selling in cyclicals such as automobiles (GKN) or shares of oil companies.
However, on this ocassion there was some sector specific news in the oil patch helping to stoke the selling.
Overnight, Bloomberg reported that Russia was not yet convinced of the need to announce an extension of OPEC's supply cuts at the cartel's 30 November meeting.
In parallel, the American Petroleum Institute reported a bumper 6.5m barrel build in US crude oil inventories.
To the upside, buying in Vodafone shares carried over from the prior session.
Stock in BT Group was also wanted, even as investors punished shares of TalkTalk as the carrier revealed that strong new subscriber figures for the six months to 30 September had come at a steep cost.
Over the first half of its financial year, the FTSE 250 telecoms group delivered 46,000 net adds, well ahead of the consensus forecast of 30,000 and the loss of 29,000 recorded in the same period last year, but restructuring costs pushed it into a statutory loss before tax of £75m compared to a £30m profit last time.
Top performing sectors so far today
Industrial Metals & Mining 3,222.16 +1.32%
Fixed Line Telecommunications 2,892.93 +1.02%
Electricity 7,950.29 +0.79%
Mobile Telecommunications 5,033.24 +0.53%
Industrial Transportation 3,072.43 +0.50%
Bottom performing sectors so far today
Forestry & Paper 18,537.51 -3.10%
Oil Equipment, Services & Distribution 12,404.23 -2.43%
Food & Drug Retailers 2,895.62 -1.75%
Oil & Gas Producers 8,670.72 -1.51%
Automobiles & Parts 7,266.71 -1.33%