Sector movers: Doubts after German energy mega-deal weigh

Mon 12 Mar 2018

LONDON (SHARECAST) - (ShareCast News) - The electricity sector was the worst performing on Monday, contributing to a decline in London's main equity index, while industrial metals & mining maintained some upward pressure.
The electricity sector was down as SSE fizzled lower due investor doubts being raised after the massive deal announced over the weekend between German energy giants Eon and Innogy. Innogy owns Npower, which is merging its energy supply business with that of Scotland-based SSE.

SSE put out a statement on Monday afternoon saying it does not believe its agreement with Innogy should be affected by the EON/RWE agreement, noting that its own deal with Innogy was "legally-binding", was approved by Innogy's supervisory board in December and "does not include provision relating to change of control".

Industrial metals were pushed higher by Evraz, the Russian steel producer, as it regained some of the ground lost last week when it went ex-dividend.

Top performing sectors so far today

Industrial Metals & Mining 4,632.96 +1.33%
Oil Equipment, Services & Distribution 13,246.30 +0.48%
Beverages 19,794.46 +0.43%
Equity Investment Instruments 9,557.50 +0.36%
Real Estate Investment Trusts 2,985.75 +0.26%

Bottom performing sectors so far today

Electricity 7,299.90 -1.70%
Fixed Line Telecommunications 2,725.00 -1.42%
Aerospace and Defence 5,110.42 -0.97%
Household Goods & Home Construction 16,073.75 -0.96%
Automobiles & Parts 9,900.94 -0.72%
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