The Winners and Losers
The most upside was once again witnessed in the energy and material sectors last week, courtesy of the sustained rally in oil prices, which ticked above $US85.00 in Brent Crude terms, coupled with a catch-up rally in materials stocks in line with the bounce commodity prices over the past month. The financials bounced – led by the big banks and insurers – toward the end of the week because of higher global rates, though it wasn’t enough to pull that sector out of the red.
The steepest losses were felt by the rate sensitive Real Estate and Consumer Discretionary sectors, led by falls in the realm of 4-5% by James Hardie Industries, Lendlease, and Unibail-Rodamco-Westfield. The information technology and industrials space also bore the brunt of weak activity on Wall Street, as investors abandoned high-growth tech stocks, and trade-war sensitive industrial stocks.