RING - Materials Sector Weekly Round-up: TMC becomes top loser; GCP jumps to top on merger report
The S&P Materials Select Sector Index closed this trading week at -1.83%, one of the top losers in the index. The Materials Select Sector SPDR ETF (NYSEARCA:XLB) was also down -2.00%. In a recent analysis on all S&P sectors for 2022, Jefferies' global strategy team were Modestly Bullish on the materials sector, noting "supply has proved inelastic". Gold prices sunk on Thursday to their lowest settlement since mid-October, hurt by new COVID-19 developments. Copper prices have also dropped in recent days on the same worries, but eased on Friday as the dollar held on to its gains, according to Reuters. Lumber Futures (LB1:COM) registered some sizeable gains this week, and is on track for the highest settlement price since June 24, Bloomberg suggests. Futures rose +5.18% on Thursday, hitting a high of $914.50 per 1,000 board feet. Taking a look at this week's top gainers and losers among basic material stocks ($300M market cap or
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Materials Sector Weekly Round-up: TMC becomes top loser; GCP jumps to top on merger report