Sector movers: Chemical firm news sparks adverse reaction

4th Jun 2009 12:19

Two news items from chemicals companies have been given the thumbs down by investors.Speciality chemicals firm Johnson Matthey, which refines platinum for catalytic converters, is lower after it saw profits for the year fall 5%. It also warned thatinterim operating profit in the new year will be lower as the downturn in the car industry hits demand for autocatalysts.D1 oils is the heaviest faller in the sector after the biofuel firm pointed to funding worries at its joint venture for the global planting of the crop Jatropha."It is now judged that the outcome of this fundraising process is uncertain, and the board of D1 Oils anticipates that the joint venture will therefore have a carrying value of zero for accounting purposes in D1's preliminary results for the year," the firm said.Supermarkets are going well after Morrisons reported a good start to the new trading year, with sales growth well ahead of the sector norm.In the 13 weeks to 3 May, total sales excluding fuel, rose by 9.2% from a year earlier. With fuel included sales rose 5.7%.Like for like (LFL) sales improved by 8.2%, or by 5.0% including fuel, maintaining the rate of LFL growth seen in the year to 1 February 2009.Shares in Morrisons' peers Tesco and Sainsbury's are even higher.Top performing sectors so far todayReal Estate 1,561.29 +2.51%Food & Drug Retailers 4,199.40 +2.34%Pharmaceuticals & Biotechnology 7,223.70 +1.07%General Retailers 1,419.26 +0.94%Support Services 2,984.02 +0.79%Bottom performing sectors so far todayChemicals 3,422.04 -2.65%Mining 15,007.54 -2.04%Insurance (non-life) 1,186.03 -1.85%Automobiles & Parts 1,901.53 -1.83%Forestry & Paper 2,388.55 -1.66%