The next move

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Over the last four years, the market has been led by substantial moves within a few key sectors. In ...

Over the last four years, the market has been led by substantial moves within a few key sectors. In 1997, for example, the bank sector outperformed the wider market by 20% on the back of the demutualisation of the former building societies. In 1998 and 1999, and the early part of 2000, technology sectors led the way posting exceptional returns. Since then, however, interest has reverted to those areas of the market that were previously out of favour, such as pharmaceuticals, where the apparent visibility of the earnings stream afforded obvious benefits. Extreme movements At the start of ...

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