FTSE 350 Sectors Top 3 Sector Close Wk % Change 3864.7 +4.12 11973.2 +2.78 16879.8 +2.25 Bottom 3 Sector Close Wk % Change F3SOFT 515.7 -6.80 3302.8 -5.27 2576.1 -3.76 Leaders/laggards from the 33 industry groups in the FTSE350. % Change based on gain/loss over the week.
Steel & Other Metals
Computer & Software Services
Wk % Change
Wk % Change
Leaders/laggards from the 33 industry groups in the FTSE350. % Change based on gain/loss over the week.
Utilities have stolen the lime-light from last week's top gainers, Steel & Other Metals, leading +4.12% on the week. Though admittedly, all top outperforming sectors are only marginally up, compared to the impressive +16% (Steels) and +13% (Chemicals) gains seen last week.
We can see more of a bullish perspective for Utilities on the medium-term chart history (see, right). We highlight last week's upward dynamic extending the primary uptrend above the rising 20-day moving average. Also note, the relative upside break above the December congestion zone.
At the other end of the scale, Computer & Software Services and Health sectors have both fallen -6.80% and -5.27% respectively.
While the indices finished the week fairly flat, there was as ever, plenty of action from individual stocks. Within our FTSE350 'universe, the top gainers were HMV (13.2%) and Topps Tiles (+8.5%) bouncing from oversold lows while Savills (+10.3%) and LSE (+8.6%) pushed on to make new all-time highs. Amongst the laggards, iSoft plunged down towards the 5-year lows while Cable & Wireless dropped back to the 100p support, and is currently consolidating at this level. Also of note was Party Gaming, encountering resistance from the previous highs, and moving to a P&F downtrend (see chart right). Sectorwise the banks were firm with bid rumours continuing to swirl around Lloyds, which has now broken above the 2005 resistance, although Northern Rock was the winner in the sector, up over 6% and further into 'blue sky' on the chart.
In the basic materials sectors, Miners were mixed with some profit taking occurring, but we note continued strong performance from popular investment trust Merrill Lynch World Mining.
Oils are an interesting area with selected stock posting upside breakouts/renewals while BP has failed at the prior resistance (see chart, right). However. this top formation has now been violated by an marginal new intraday high, and the head &shoulders formation has been disrupted, suggesting that the next test of the highs may be more successful.
Construction and Building Materials were firm and we note Balfour Beatty breaking out to the upside, while Utilities remain a 'must have' in any portfolio with the heavily rumoured Gazprom bid for Centrica boosting this already in-demand sector.
Finally, we note some signs of exhaustion in the hitherto strong emerging market area, with Templeton Emerging Markets trust down on the week after displaying upside acceleration over January.