RING - Materials Sector Weekly Round-up: Companhia Siderurgica tops list; Icl at the bottom
2023-04-01 13:48:09 ET
The S&P 500 Materials moved +4.93% this week and the Materials Select Sector SPDR ETF ( NYSEARCA: XLB ) +5.01% . Overall market sentiment was positive, aided by no fresh news regarding the banking crisis and favorable economic data that strengthened the case for the Federal Reserve ending its rate-hiking campaign.
Gold slipped around 0.5% this week, with Comex gold ( XAUUSD:CUR ) stopping just short of the $2,000 threshold . Demand was driven by a weaker dollar and lower bond yields as investors foresee a fall in interest rates.
Meanwhile, iron ore futures ( SCO:COM ) closed around +3.7% for the five-day trading period, supported by hopes for demand recovery. The most-traded May iron ore futures contract on the Dalian Commodity Exchange ended daytime trading up 4.8% during the past week. On the Singapore Exchange, the most-active May iron ore contract was up 7.5% since a week ago.
Take a look at this week's top gainers among basic material stocks ($2B market cap or more):
- Companhia Siderurgica Nacional ( SID ) +13.70%
- Sigma Lithium ( SGML ) +11.96%
- Triple Flag Precious Metals ( TFPM ) +10.50%
- Braskem ( BAK ) +10.47%
- Posco Holdings ( PKX ) +9.44%
Here are the top losers among basic material stocks:
Other materials ETFs to watch: iShares Global Timber & Forestry ETF ( WOOD ), Materials Select Sector SPDR ETF, Vanguard Materials ETF ( VAW ), iShares Global Materials ETF ( MXI ), SPDR S&P Metals and Mining ETF ( XME ), VanEck Vectors Gold Miners ETF ( GDX ), iShares MSCI Global Gold Miners ETF ( RING ), Global X Copper Miners ETF ( COPX ).
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Materials Sector Weekly Round-up: Companhia Siderurgica tops list; Icl at the bottom