Sector moves: Construction, oil majors gain momentum

Construction stocks rose on Tuesday in the FTSE 350 on expectations of a Labour victory in the next election and sector-friendly policies.

Oil majors also contributed to the gains as Brent crude futures prices on the ICE exchange hit a roughly two-month high of $87.46 a barrel.

Oil production was boosted by the ongoing conflict in the Gaza Strip and news that a Category 5 hurricane named Beryl, the strongest storm of the year, had formed in the Atlantic.

The probability that Beryl would actually affect oil and gas production in the U.S. Gulf of Mexico was estimated at about 33%, but concerns about the upcoming hurricane season were high enough to also affect non-life insurance stocks.

Best performing sectors so far

Construction and materials 10,351.17 +0.75%

Oil, Gas and Coal 9,352.70 +0.62%

Household goods and housing construction 13,210.53 +0.60%

Chemicals 8,087.79 +0.51%

Computer software and services 2,504.51 +0.42%

The worst performing sectors so far

Property insurance 3,498.29 -2.36%

Telecommunications Service Providers 1,991.13 -1.95%

Precious metals and mining 10,315.59 -1.92%

Pharmaceuticals and biotechnology 22,297.46 -1.59%

Recreational goods 25,728.21 -1.40%