Sector movers: Real Estate and Utilities pace gains, despite cool reaction to PM's U-turn

(Sharecast News) - Stocks rose at the end of the week but finished off their best levels as financial markets react coolly to the Prime Minister's partial U-turn on her tax and spending plans. Neither did her decision to ask the Chancellor to step down from his post fully assuage investors, amid reports that some Tory MPs were also unhappy with her own leadership.

Nonetheless, come Saturday, her choice for new Chancellor, Jeremy Hunt, would express his support for her.

Speaking on Friday evening, Liz Truss said corporation tax would now increase next year, from 19% to 25%, instead of being frozen.

Hunt is expected to spell out his medium-term fiscal strategy on 31 October.

In any case, while 10 and 30-year Gilt yields finished higher on Friday, they remained lower for the week as a whole.

Interest rate sensitive Real Estate and defensive areas of the market such as utilities fared best.

Aerospace and Defence was at the bottom of the pile.

On Saturday, Hunt would decline to commit, for now, to a previous pledge from Truss to boost military spending to 3% of gross domestic product.

Commodity stocks were all lower alongside as the US dollar rebounded following the previous session's thrashing.

Gold futures slipped by 1.68% to $1,648.90/oz., alongside a 0.49% dip to $3.4235/oz..

In parallel, Brent crude oil futures ended the day down by 3.93% to $85.61 a barrel on the ICE.

Top performing sectors so far today

Real Estate Investment Trusts 2,055.07 +2.33%

Real Estate Investment & Services 1,928.05 +2.22%

Automobiles & Parts 1,090.14 +1.91%

Gas, Water & Multiutilities 4,864.90 +1.63%

Non-life Insurance 2,938.64 +1.63%

Bottom performing sectors so far today

Aerospace and Defence 4,587.62 -2.61%

Precious Metals and Mining 8,939.93 -1.79%

Industrial Metals & Mining 6,533.47 -1.66%

Oil, Gas and Coal 7,907.32 -1.22%

Industrial Transportation 3,051.63 -0.91%