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Sector movers: Industrial Transportation, Travel and Leisure pace gains
(Sharecast News) - Industrial Transportation shares paced gains on the stock market at the start of the week, alongside Travel and Leisure issues. Buoying the former was news over the weekend that Royal Mail and the Communication Workers Union had reached an agreement on pay and employment terms.
In parallel, Easyjet paced gains in the travel space ahead of its quarterly results due out the next day.
BAE Systems was higher as well and trading at fresh highs.
Commenting on the session's price action, IG chief market analyst Chris Beauchamp said: "Stocks have been left bereft this afternoon with little on the calendar today, and ahead of earnings tomorrow. 'Muted' is perhaps the best way to describe the session, though it will no doubt heat up tomorrow once earnings start to come through thick and fast.
"Overall stocks continue to defy expectations of a fresh downturn, and while it is very early days earnings season has not yet provided much of a bearish catalyst."
Going the other way, Autos and Banks were among the main drags.
In a research note sent to clients, J.P.Morgan strategist Mislav Matejka cautioned clients that signs of a rotation in style leadership away from Cyclicals was coming through.
The likes of Autos had stalled, joining banks in the process.
Indeed, according to Matejka, Autos was typically the first to wane as the market approached a peak in purchasing managers' surveys.
Banks meanwhile were likely seeing some profit-taking after Friday's sharp gains with sector earnings from Charles Schwab and State Street, on the other side of the Atlantic, in the spotlight.
Heavyweights Bank of America and Goldman Sachs were due to follow the next day.
Top performing sectors so far today
Industrial Transportation 3,522.65 +2.58%
Travel & Leisure 7,377.45 +1.45%
Retailers 3,640.10 +1.27%
Aerospace and Defence 6,481.96 +1.15%
Personal Care, Drug and Grocery Stores 4,432.44 +1.15%
Bottom performing sectors so far today
Automobiles & Parts 1,734.05 -2.21%
Leisure Goods 23,682.18 -1.81%
Life Insurance 6,993.75 -1.47%
Non-life Insurance 3,066.26 -1.41%
Banks 3,517.48 -1.19%
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