Sector movers: Banks make it higher

6th Nov 2009 12:36

Banks are going well Friday as investors take huge losses from RBS in their stride and a broker upgrade for Lloyds.More huge write-offs sent Royal Bank of Scotland deep into loss over the past three months.The state-controlled bank that on Tuesday announced another £33bn cash injection from the government lost £2.1bn in the three months to September compared to a profit of £1.9bn. Nine-month losses now total £2.06bn against a profit £1.8bn this time last year.Meanwhile, Lloyds Banking Group has also improved after Citigroup changed its position on the stock from 'hold' to 'buy' in the wake of Lloyds' decision to buy its way out of the government's asset protection scheme. Its price target leaps to 104p from 37p.The Mobile Telecommunications sector is easier ahead of next week's interim results from Vodafone. Analysts predict adjusted profit before tax of £5.45bn on revenue of £21.7bn. Top performing sectors so far todayAutomobiles & Parts 2,653.70 +2.71%Forestry & Paper 3,786.13 +2.48%Banks 4,900.74 +2.06%Industrial Engineering 3,722.76 +2.04%Real Estate 2,021.13 +1.89%Bottom performing sectors so far todayMobile Telecommunications 3,119.60 -1.26%Pharmaceuticals & Biotechnology 8,169.21 -0.89%Health Care Equipment & Services 2,993.08 -0.81%Food & Drug Retailers 4,729.15 -0.71%Oil & Gas Producers 7,920.08 -0.65%