Sector movers: Andes Energia, Drax boost electricity stocks

11th May 2011 15:43

Argentinian energy firm Andes Energia is providing a spark in the electricity sector after profits leapt 450% in 2010, due primarily to the performance of its stake in an electricity distributor. The group recorded a profit before tax of $22m on revenue of $171m for the year. This compared to a profit before tax of $4m on revenue of $139m in 2009. Also firmer in the sector is coal-fired power station operator Drax, which said that commodity market trading has improved in the year-to-date and the numbers remain on target for 2011. Meanwhile, oil titan BP is providing a drag in the oil and gas producing sector.It has been a year in waiting, but BP has finally received approval by regulators to complete the purchase of ten Brazilian exploration and production blocks from Devon Energy. The Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) has been deliberating the $7.2bn deal since last March, following delays due to the Macondo oil spill in the Gulf of Mexico. ---BCTop performing sectors so far todayPersonal Goods 22,216.92 +1.66%Electricity 8,338.27 +1.21%General Retailers 1,802.03 +0.89%Beverages 9,928.23 +0.65%Aerospace and Defence 3,434.62 +0.45%Bottom performing sectors so far todayMining 25,447.01 -1.73%Oil & Gas Producers 8,385.94 -1.65%Forestry & Paper 6,516.67 -1.55%Automobiles & Parts 5,066.59 -1.54%Food Producers & Processors 5,297.46 -1.22%