By Benjamin Chiou
Date: Tuesday 22 May 2012
Real estate investment trust (REIT) peers Land Securities and Hammerson dragging the REIT sector lower on Tuesday as investors built positions in ‘riskier’ assets, like mining stocks.
Miners were among the stocks that bore the brunt of the Eurozone-fuelled sell-off last week, causing shares to rebound today. Also helping things was speculation that China may be considering further stimulus measures to combat a slowdown.
The China Securities Journal said that the government might speed up approvals for infrastructure investment after having reportedly asked for project proposals by the summer instead of the end of the year in an effort to stimulate the world’s second-largest economy.
Sector peers Kazakhmys, Rio Tinto, Vedanta and Xstrata were providing a lift on hopes that a stronger Chinese economy could lead to stronger demand for commodities.
Meanwhile, the chemicals sector was also making gains today, helped by an upbeat second-quarter report from polymers maker Victrex. The company enjoyed record sales in the three-month period as customers stopped running down their stock levels. Sector peers Oxford Catalysts and Yule Catto were also on the rise.
Top performing sectors so far today
Mining 17,901.84 +3.56%
Construction & Materials 3,239.44 +3.41%
Chemicals 8,131.50 +3.34%
Industrial Engineering 7,230.65 +3.34%
Oil Equipment, Services & Distribution 23,566.74 +3.22%
Bottom performing sectors so far today
Real Estate Investment & Services 1,563.36 -0.20%
Food & Drug Retailers 3,830.49 -0.17%
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