Sector movers: Croda profit sparks positive chemical reaction

23rd Feb 2010 12:02

Strong results from Croda International are the catalyst for a strong performance for the chemicals sector.The maker of chemicals used for personal care, industrial, pharmaceuticals and nutritional markets said profits in the last three months jumped by 44% to £30.9m, helping to boost the total for the year to £106.4m against £96.3. Pre-tax profits were £89.2m after closure costs of £17m.International Ferro is dragging the industrial metals sector into the red. First half losses piled up at ferrochrome producer International Ferro as a combination of lower ferrochrome prices and a stronger Rand outweighed higher volumes.Revenues fell 14% to R452m for the six months to December 2009, though this was up 77% on the previous six months.Top performing sectors so far todayForestry & Paper 4,165.28 +6.21%Support Services 3,769.09 +1.49%Health Care Equipment & Services 3,703.63 +1.41%Chemicals 4,800.65 +1.23%General Industrials 2,225.22 +0.58%Bottom performing sectors so far todayIndustrial Metals 5,443.62 -2.66%General Financial 4,652.23 -0.86%Fixed Line Telecommunications 1,740.21 -0.85%Technology Hardware & Equipment 392.23 -0.83%Electronic & Electrical Equipment 1,661.98 -0.82%