Sector movers: Diageo provides lift to beverage sector

19th Oct 2011 15:06

Guiness and Red Stripe maker Diageo was among the highest risers on the FTSE 100 on Wednesday, providing a lift to the beverages sector.The group said that net sales grew 9% in the first quarter, which was marginally ahead of expectations, with strong growth in Latin America, the Caribbean and Asia Pacific offsetting a more subdued performance in North America and Europe.The company did admit that "the quarter did benefit from some one-off factors which are not expected to reoccur in the second quarter." Nevertheless, shares were 3.28% higher at 1,322p by 15:08.In contrast, a disappointing update from GKN meant that the automobiles and parts sector was the worst performer of the day.After accounting for the final charge of £11m relating to its plant closure in the US, pre-tax profits at GKN rose by a measly 1% in the third quarter. The automotive, aerospace and land systems engineer revealed that pre-tax profit was £89m in the three months ended 30 September, up just £1m from £88m the year before. Shares dropped 5.48% to 184.4p in the afternoon.BCTop performing sectors so far todayBeverages 10,043.34 +2.04%Life Insurance 3,847.75 +1.51%Banks 3,551.45 +1.48%General Industrials 2,600.42 +1.17%Oil & Gas Producers 8,233.38 +1.15%Bottom performing sectors so far todayAutomobiles & Parts 4,313.73 -5.43%Construction & Materials 3,218.98 -2.45%General Retailers 1,554.32 -1.63%Technology Hardware & Equipment 720.12 -1.25%Industrial Metals & Mining 4,311.92 -0.95%