Outperformance in defensive sectors

Following on from the annual lull in activity as European markets enjoyed their summer holidays there has been little positive news to act as a catalyst to re-ignite investor's enthusiasm. Despite a short lived rally in some tech stocks the market remains weary due to the oil price strength exceeding most people's expectations and the euro continuing to reach new lows against the dollar. Consequently we have seen renewed interest in the defensive sectors with financials, oils and pharmaceuticals outperforming. The worst performing sector over the last six months has been telecommunicati...