Sector movers: Bank results impress market

3rd Aug 2009 13:19

Well-received results from Barclays and HSBC help lift the banking sector higher.Barclays shares shot up after it posted half-year profits of £3bn, despite an 86% rise in impairment charges, as profits at its investment banking division doubled.Pre-tax profit more than halved at HSBC in the first six months of 2009 and the bank has warned that the economic outlook remains uncertain.Ferrochrome producer International Ferro Metals is among the stocks lifting the industrial metals sector higher after announcing it has raised £22.2m from a placing of 50.4m shares at 44p each.The money will help it build a Clean Development Mechanism (CDM) compliant electricity co-generation plant.With markets continuing their rally, there is little demand for defensive stocks such as tobacco and British American and Imperial are in the red.Top performing sectors so far todayIndustrial Metals 4,482.38 +6.06%Oil Equipment Services & Distribution 13,758.76 +5.84%Banks 4,646.61 +4.78%Mining 16,896.26 +4.69%Automobiles & Parts 2,504.07 +4.23%Bottom performing sectors so far todayTobacco 22,076.51 -1.57%Food Producers & Processors 3,905.92 -1.19%Fixed Line Telecommunications 1,823.81 -1.15%Beverages 6,655.87 -1.04%Health Care Equipment & Services 2,616.67 -0.61%