Sector movers: Balfour Beatty's profit warning takes down construction stocks

8th Nov 2012 15:19

Construction and materials stocks were the worst performers for a second consecutive day on Thursday after a profit warning from FTSE 250 constituent Balfour Beatty this morning.Stocks were shaken yesterday after the European Commission cut its forecasts for gross domestic product growth in the Eurozone this year to 0.1%, from 1% before. The news dented sentiment in cyclical sectors such construction on concerns that weaker economic growth across the continent will result in reduced demand for services. Meanwhile, shares fell in sympathy with Switzerland-based cement maker Holcim which missed profit forecasts in the third quarter. As for today, construction group Balfour Beatty announced that profits were likely to come in lower than expected after poor performances in the UK and US. It added that woes in its construction services division were likely to continue into 2013, causing its share price to tank 16% by afternoon trade.Stocks across the sector were down an average 4% today, with North Midland Construction, Norcros, Carillion and Keller firmly in the red.Top performing sectors so far todayPersonal Goods 19,364.06 +2.03%Chemicals 8,439.84 +1.31%Tobacco 36,404.69 +1.30%Fixed Line Telecommunications 2,654.91 +1.15%Technology Hardware & Equipment 894.70 +1.10%Bottom performing sectors so far todayConstruction & Materials 3,218.08 -4.00%Electricity 8,897.54 -0.90%Industrial Metals & Mining 2,624.60 -0.72%Aerospace and Defence 3,814.64 -0.62%Real Estate Investment Trusts 2,129.00 -0.56%BC