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Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Sector movers: Oil and Gas, Industrial Metals pace losses

Tue 05 Jul 2022 17:09

(Sharecast News) - Oil&Gas and Industrial Metals plummeted on Tuesday amid a downdraft on the wider FTSE 350, despite a large move lower in sterling. Triggering the spike in risk aversion, Americans returned from the 4 July break in selling spirits following the release of a string of softer than expected economic data in the US over the last few weeks.

Against that backdrop, Brent crude oil futures on the ICE were walloped, retreating by 11.85% to $101.65.

In parallel, shortly after the close of trading in London, September-dated copper futures on COMEX were falling 5.26% to $3.4145 a pound on COMEX.

Precious metals' prices were also under pressure with August gold futures on COMEX down by 2.0% at $1,765.40/oz. and the September contract for silver shedding 2.7% to $19.14/oz..

Robbing gold and silver of their safe-haven allure was the Greenback, as the US dollar index popped 1.41% higher to 106.62, putting it back at levels last seen in 2002.

Not surprisingly, shares of precious metals miners also traded on the back foot.

Life insurers meanwhile fell tracking a slide in longer-term Gilts with the yield on the benchmark 10-year issue down by nearly 15 basis points to 2.05%.

Top performing sectors so far today

Real Estate Investment Trusts 2,684.00 +0.81%

Real Estate Investment & Services 2,435.10 +0.73%

Industrial Transportation 2,733.34 +0.40%

Chemicals 11,615.19 +0.34%

Beverages 26,777.33 +0.25%

Bottom performing sectors so far today

Oil, Gas and Coal 6,849.32 -7.97%

Industrial Metals & Mining 5,965.84 -6.58%

Life Insurance 6,201.37 -5.05%

Precious Metals and Mining 9,536.46 -4.66%

Medical Equipment and Services 10,089.57 -3.99%

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