Sector movers: Banks pace gains

(Sharecast News) - Banks paced gains on the stock market on Thursday, led by shares of StanChart after the Asia-focused lender pleased investors with higher guidance and a larger than anticipated share buyback announcement. According to its chief executive officer, the lender was now targeting a return on tangible equity of near 10% for 2023 and of greater than 11% in 2024.

That was alongside the announcement of a $1bn buyback that would commence immediately.

Bank of Georgia also put a smile on the face of shareholders with a set of fourth quarter numbers that analysts at Numis dubbed as "spectacular".

Propelling the lender's business, Georgian GDP was estimated to have expanded at a frenetic 10.1% pace in 2022.

In the background however, hotter-than-expected wholesale price data released in the US for the month of January saw interest rate expectations build in the States.

That served to pull 10-year UK Gilt yields as high as 3.56% at one point during the session, although by the close they were little changed at 3.50%.

Nevertheless, defensive sectors including Tobacco and Big Pharma slipped in their wake.

Top performing sectors so far today

Personal Goods 36,036.56 +2.33%

Telecommunications Service Providers 2,557.06 +2.29%

Banks 3,855.08 +1.29%

Aerospace and Defence 5,497.70 +1.13%

Beverages 27,496.76 +1.09%

Bottom performing sectors so far today

Precious Metals and Mining 10,683.15 -1.51%

Tobacco 33,994.39 -1.32%

Pharmaceuticals & Biotechnology 21,318.84 -1.28%

Construction & Materials 8,065.92 -0.76%

Personal Care, Drug and Grocery Stores 4,219.48 -0.71%