Sector movers: Brewin Dolphin drags on financial services sector

7th Dec 2011 15:10

Financial services stocks were on the decline on Wednesday afternoon, with independent wealth manager Brewin Dolphin providing a drag on the sector.The FTSE 250 stock was down 3.52% at 129p by 15:48 despite its funds under management rising 3.4% in the last year, driven by its discretionary investment arm. Adjusted pre-tax profit rose 1%, but the firm was hit by a number of one-off costs during the year ended 30 September, such as a £6m levy from the Financial Services Compensation Scheme. This was 10 times the levy in 2010, and related largely to the failure of financial services firm Keydata. Sector peer and vouchers supplier Park Group continued to fall after reporting its half-year results yesterday. Revenues for the half year fell from £50.9m to £46m on a like-for-like basis. Meanwhile, rising costs led to a pre-tax loss of £4.4m, compared with a profit of £0.5m the year before. Shares are now down nearly 10% on the week.Just three sectors were in the blue with the personal goods sector taking the top spot. Sector heavyweight Burberry, the iconic British luxury brand, was among the few risers on the FTSE 100 today.BCTop performing sectors so far todayPersonal Goods 20,219.58 +0.63%Industrial Transportation 2,196.16 +0.43%Bottom performing sectors so far todayIndustrial Metals & Mining 4,437.53 -3.06%Technology Hardware & Equipment 709.31 -2.55%Financial Services 4,606.62 -2.33%Mobile Telecommunications 3,948.39 -2.12%Automobiles & Parts 4,390.89 -2.09%