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Sector Movers: FTSE 100 continues slide but REITs, Travel & Leisure stocks lend support
LONDON (ShareCast) - The FTSE 100 continued its slide from the 7,000 mark on Friday but real estate, travel and leisure and beverages stocks emerged as top performers to stem the decline. At 16:15 on the FTSE 100 was down 44.11 points or 0.64% at 6851.22 with Intercontinental Hotels Group (up 2.76%) and Millennium & Copthorne Hotels (LSE: MLC.L - news) (up 1.74%) leading the top rated sector.
The beverages sector was next in line with Fevertree Drinks (LSE: FEVR.L - news) (7.87%), SABMiller (up 1.43%), and Diageo (up 0.03%) leading the way. Real Estate Investment Trusts continued to give good vibes with all constituents in the green with the notable exception of London Shopping REIT , Mckay Securities (LSE: MCKS.L - news) and Shaftesbury (LSE: SHB.L - news) which finished in the red . Workspace Group (LSE: WKP.L - news) (up 3.51%), CLS Holdings (LSE: CLI.L - news) (up 2.65%) and Homeserve (up 2.40%) provided further positivity. In case of the latter, a reassuring trading statement that revealed trading in its busy winter period had been "good" and in line with its full-year targets.
Homeserve (Other OTC: HMSVF - news) was also pleased with levels of customer growth across the international businesses, having reported good customer number growth in its February trading statement.
Going the other way, oilfield services and oil and gas stocks took a beating as the Thursday's oil price spike turned out to be short-lived. At 15:30, the Brent front month futures contract was trading down $1.64 or 2.8% at $57.55 while WTI was trading down $1.55 or 3.0% at $49.88.
Both benchmarks spiked early in Asian trading on Thursday, following reports of Saudi Air Force attacks on Yemen's Shia Houthi fighters allegedly supported by Iran. Dmytro Bondar, technical analyst at RBS (LSE: RBS.L - news) , said while the bearish flag pattern was briefly negated by Saudi air strikes, which turned the near-term view to $50-64 range, the long-term view did not materially alter.
"I believe that spikes will remain capped by $65 and the price will re-test the $45/42 support. We therefore close the short trade flat for now and await further developments," he added.
Tullow Oil (LSE: TLW.L - news) (down 3.86%), Weir Group (down 3.55%) Premier Oil (LSE: PMO.L - news) (down 3.49%) and Nostrum Oil & Gas (Stuttgart: 3NO.SG - news) (down 3.28%) were among the top fallers of the day, making up four of biggest shares price drops as trading week drew to a close.
Top 5 sector declines: Travel & Leisure 8770 +80.11 0.92% Beverages 14772.90 +75.65 +0.52% Real estate Investment Trusts 3368 +11.68 +0.35% Real estate Investment & Services 3015.35 +8.78 +0.29% Mobile Telecommunications (BSE: MOBILTEL.BO - news) 5113.64 +13.81 +0.27%
