Sector movers: Consumer staples making gains

8th Apr 2014 15:16

Consumer staples stocks were among the best performers on Tuesday in London with tobacco, food and beverage stocks leading the advance.Cigarettes and tobacco giant British American Tobacco was among the best performers on the FTSE 100 in afternoon trade, up 1.8%, along with cosmetics and food group Unilever, up 2.2%.Drinks makers Diageo and SABMiller were also higher.The positive moves could have been a result of the International Monetary Fund's World Economic Outlook report, in which it hiked its 2014 growth estimate for the UK economy to 2.9%, up from an initial forecast of 2.4%. This means that the UK will be the fastest-growing economy in the G7 this year.Ingredients manufacturer The Real Good Food Company, dairy group Ukrproduct and a host of food producers were also rising strongly in afternoon trade as investors largely shrugged off negative readacross from German sugar producer Suedzucker which issued a profit warning today. The XETRA-listed stock was down around 20% in afternoon trade in Frankfurt after the company warned that it expects a fall in revenues and profits this year due to tough European sugar and bioethanol markets.Top performing sectors so far todayTobacco 37,744.43 +0.91%Food Producers & Processors 7,485.14 +0.56%Beverages 13,950.45 +0.41%Industrial Metals & Mining 1,031.29 +0.24%Food & Drug Retailers 3,770.19 +0.19%Bottom performing sectors so far todayForestry & Paper 10,846.76 -3.82%Fixed Line Telecommunications 4,229.13 -3.36%Automobiles & Parts 8,844.90 -2.93%Personal Goods 22,604.70 -2.83%General Retailers 2,903.86 -2.60%BC