Sector movers: Broker upgrades lift retailers

7th Apr 2010 14:15

Retail stocks are flying off the shelves after some positive broker coverage.Kingfisher, the company behind the DIY retailer B&Q, is higher after Charles Stanley lifted its rating on the firm to 'accumulate' from 'hold'.'We expect trading conditions to slowly improve in most markets as the global economy gradually recovers,' the broker says. Expectations that Next's return on capital employed (ROCE) will outperform that of its peers in the UK have prompted Citigroup to upgrade its rating and target price on the fashion retailer. The broker, which lifts its target price on Next to 2,600p from 2,200p and raises its rating to 'buy/medium risk' from 'hold/medium risk', says that a tight capital expenditure programme should help drive ROCE up to 90% from 78% over the next three years. Mining stocks were wanted yesterday on the back of higher commodity prices, but have slipped back today.FTSE 100-listed stocks such as BHP Billiton, Antofagasta and Kazakhmys are among the fallers. Top performing sectors so far todayHealth Care Equipment & Services 3,640.39 +1.17%General Retailers 1,748.51 +1.11%Financial Services 5,249.19 +1.06%Food & Drug Retailers 4,996.72 +1.05%Industrial Transportation 2,452.28 +0.84%Bottom performing sectors so far todayAutomobiles & Parts 3,296.67 -1.40%Life Insurance 3,827.27 -1.23%Mobile Telecommunications 3,421.29 -1.20%Oil Equipment, Services & Distribution 18,836.71 -1.19%Mining 25,066.63 -1.14%