Sector movers: Car sector lower as GKN stalls

15th Oct 2009 14:57

The car and car parts sector is lower after automotive and aerospace engineer GKN posted a 3% fall in sales in the three months to September 30 as markets remained tough.Without the impact of its acquisition of Filton, which was completed in January, and currency benefits, sales would have fallen by 19%.GKN said its automotive division was benefiting from government programmes to subsidise car purchases, with third quarter sales up by 10% from the second quarter. It said the impact of these schemes being phased out will not become evident for a 'number of months.'Talk that Qatari investors are going to increase their holding in the Sainsbury's is stoking strong gains in the supermarket, which leads the food & drug retail sector higher. Tesco and Morrisons are also higher. Top performing sectors so far todayFood & Drug Retailers 4,435.13 +2.67%General Financial 5,580.07 +1.86%Fixed Line Telecommunications 1,951.03 +1.39%Personal Goods 10,032.85 +1.32%General Retailers 1,712.55 +1.30%Bottom performing sectors so far todayAutomobiles & Parts 2,840.75 -4.71%Mining 19,244.27 -2.07%Banks 5,194.70 -1.22%Forestry & Paper 3,829.22 -1.11%Oil Equipment Services & Distribution 16,207.23 -1.10%