LAC:CC - Materials Sector Weekly Round-up: Sibanye Stillwater tops list; Enviva drops to bottom

2023-03-11 11:38:07 ET

The S&P materials sector index fell -7.64% this week and the Materials Select Sector SPDR ETF ( XLB ) -7.59% . Sentiment was dampened by Federal Reserve chair Jerome Powell's hawkish testimony to the Senate and the House, and hot jobs market data .

The banking sector was also hit by two events - the liquidation of crypto-friendly bank Silvergate ( SI ) and the collapse of SVB Financial ( SIVB ) unit Silicon Valley Bank. This helped precious metals rally on Friday, although their weekly performance was not as positive.

April Comex gold ( XAUUSD:CUR ) +0.7% to $1,867.76/oz, while May silver ( XAGUSD:CUR ) -3.43% to $20.53/oz.

Gold futures have been falling during the week after Federal Reserve Chair Jerome Powell said "inflationary pressures are running higher than expected " and left the door open to more interest rate hikes than previously planned.

Copper prices ( HG1:COM ) also dipped -1.22% for the week over fears of further interest rate hikes and rising supplies. Three-month copper on the London Metal Exchange, down -2.1% this week.

Take a look at this week's top gainers among basic material stocks ($2B market cap or more):

• Sibanye Stillwater ( SBSW ) +0.73%
• AngloGold Ashanti ( AU ) +0.69%
• Gold Fields ( GFI ) +0.21%
• Grupo Simec ( SIM ) +0.028%
• Sylvamo ( SLVM ) -1.95%

Here are the top losers among basic material stocks:

• Enviva ( EVA ) -18.13%
• Alcoa ( AA ) -17.51%
• Tronox ( TROX ) -16.65%
• Avantor ( AVTR ) -15.16%
• Lithium Americas ( LAC ) -14.32%

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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