Sector movers: Burberry lifts personal goods stocks, GKN lifts autos

15th Jan 2014 15:05

Personal goods stocks were in demand on Wednesday after quarterly results from high-end luxury brand Burberry beat analysts' forecasts.The share price was 5.5% higher at 1,550p in afternoon trade after the company delivered a 14% rise in retail revenue to £528m in the third quarter. Comparable sales rose by a solid 12%, down slightly on the preceding quarter but well ahead of the 8% growth expected by the market. Importantly, the company said that growth was fuelled by double-digit growth in the key growth region of Asia Pacific."Burberry's retail performance should look even better after some of its soft luxury peers report later, we believe," said analysts at Credit Suisse.Automobile and parts stocks were also making gains with sector heavyweight GKN among the best performers on the FTSE 100 ahead of the close. The engineering firm was trading 2.3% higher at 400.3p.GKN's Driveline division announced today that it is to strengthen its global footprint with a new auto manufacturing plant in Russia, an "increasingly important" market for the firm. The company will open a 5,000 square-metre plant in the Volga region where a number of other large car manufacturers are already based."GKN already supplies Driveline products to many of the large car manufacturers in Russia, but the new plant, which is the first of its kind in the country, will offer locally-produced products together with the excellent service our customers already expect from GKN," said Andrew Reynolds Smith, head of GKN Automotive.The global auto industry has been in focus this week with manufacturers revealing their latest models at the 2014 Detroit Motor Show.In other news, General Motors - one of the 'Big Three' carmakers in the US - yesterday revealed that it is restoring its dividend payment for the first time since it was bailed out by the American government in 2009. The company also said it expects profits in 2014 to grow "modestly" this year.Top performing sectors so far todayPersonal Goods 25,370.16 +4.07%Automobiles & Parts 9,361.62 +2.35%Industrial Transportation 3,415.72 +1.67%Pharmaceuticals & Biotechnology 12,072.65 +1.54%Technology Hardware & Equipment 1,201.30 +1.53%Bottom performing sectors so far todayIndustrial Metals & Mining 1,277.63 -2.56%Electricity 8,961.69 -1.90%Gas, Water & Multiutilities 5,474.83 -0.96%Beverages 14,408.52 -0.59%Food Producers & Processors 7,231.15 -0.34%BC