FTSE 100's March split: Tech winners and engineering losers revealed
March brought mixed fortunes for tech, investment, and engineering firms on the FTSE 100. While some companies saw strong gains, others faced significant losses. The month highlighted sharp contrasts between the best and worst performers in these sectors. IG Group Holdings PLC stood out as the top tech performer on the FTSE 100 in March. The company had already shown remarkable growth in 2023, achieving a year-over-year gain of around 52% by early 2024. This momentum carried into the new year, setting it apart from struggling peers.
Only a handful of tech and engineering stocks managed to gain value during the month. BAE Systems, The Sage Group, Entain, and Vodafone Group joined IG Group in posting positive returns. BAE Systems, in particular, had also performed well in 2023, featuring in high-yielding UK dividend ETFs that outperformed their category by 9.06% over the previous year.
On the other end of the spectrum, M&G, Rolls-Royce Holdings, and Rightmove suffered the steepest declines. These firms represented the worst-performing stocks in investment, engineering, and tech respectively. Their losses underscored the volatility affecting key sectors within the index. The divide between March's winners and losers was stark. IG Group's continued rise and BAE Systems' steady performance contrasted sharply with the struggles of companies like M&G and Rolls-Royce. The results reflect ongoing shifts in investor confidence across different industries.
