Sector movers: Construction stocks led higher by CRH

25th Feb 2014 14:29

Construction and material stocks were led higher by CRH after the Irish building material supplier said it expects modest growth in 2014.The company reported a drop in 2013 profits but sees an improvement this year as overall construction activity in Ireland is anticipated to pick up. "We expect that residential construction will continue to advance in 2014, and with the increase in housing, non-residential activity should also see an improvement," the company said.Real estate stocks also edged higher as Persimmon reported a 21% rise in 2013 revenue to £2.1bn against the previous year as prices accelerated amid an improving UK market. The housing sector has been boosted by consumer demand on the back of government schemes such as Help-to-Buy, which has aided mortgage lending.On the downside of markets today, industrial metals and mining stocks edged lower as a sharp drop in the Chinese yuan fuelled fears of a slowdown in the world's second largest economy. China's currency fell 0.5% to 6.1266 per dollar, according to China Foreign Exchange Trade System prices, the biggest drop since November 2010. It dropped on bets the central bank wants to end the currency's appreciation.Stocks in automotive declined as car parts maker GKN slid after warning that adverse currency movements could be a headwind for the company despite posting a rise in annual profits. At least three brokers - Numis, Canaccord and Investec - came out in support of the company following its full year numbers. For its part Numis highlighted that the firm's automotive division is expected to outperform the growth seen in the global market (for which a rate of expansion of 3% was foreseen) "whilst the civil aerospace cycle remains positive". To take note of, the company's shares had seen a gain of close to 60% going into the results. Top performing sectors so far todayConstruction & Materials 4,908.44 +3.94%Real Estate Investment & Services 2,968.02 +0.43%Food & Drug Retailers 4,433.75 +0.40%Travel & Leisure 7,608.23 +0.25%Household Goods & Home Construction 12,113.74 +0.21%Bottom performing sectors so far todayIndustrial Metals & Mining 1,056.81 -3.17%Automobiles & Parts 9,459.81 -2.48%Mobile Telecommunications 5,510.82 -2.16%Mining 17,296.34 -2.04%Banks 4,645.01 -1.27%RD