Sector movers: Domino Printing sinks electricals, Croda weighs on chemicals

24th Jun 2014 13:40

Heavy falls from Domino Printing and Croda International sank the electrical and chemical sectors on Tuesday, as results from both companies disappointed the market.Shares in Domino Printing, which develops inkjet, laser and thermal printing products, were down nearly 19% this afternoon after the company said it was "cautious about prospects for the business in 2015".Chairman Peter Byrom said he expects results to be broadly similar to this year "as a result of the competitive pricing environment in Asia and other developing markets and the need for additional investment in research & development."Investors were largely shrugging off a decent interim report from Domino which saw double-digit underlying growth in the first half.Others stocks in the electronic and electrical equipment sector were also under selling pressure after the statement, including Renishaw, Photonstar LED Group, Spectris and Oxford Instruments.Meanwhile, chemical stocks were hit by an 8% slump in the share price of Croda after a profit warning from the group on the back of a strong pound.The company, which works in the consumer care, performance technologies and industrial chemicals markets, said it expects second quarter pre-tax profits to be around 8% below the first quarter and full-year profit to be lower than the previous year.Credit Suisse analysts said that company guidance implies a full-year pre-tax profit of £232-251m - the mid-point of this range is around 9% below current consensus estimates.Synthomer, Elementis, Alent, Victrex and Johnson Matthey were also in the red.Top performing sectors so far todayIndustrial Metals & Mining 1,128.81 +2.12%Oil & Gas Producers 8,896.37 +0.61%Tobacco 40,540.69 +0.41%Electricity 10,031.19 +0.40%Real Estate Investment Trusts 2,685.74 +0.14%Bottom performing sectors so far todayElectronic & Electrical Equipment 3,894.60 -3.58%Chemicals 9,998.70 -3.14%Software & Computer Services 1,147.31 -1.55%Industrial Engineering 10,345.28 -1.52%Financial Services 7,856.12 -1.33%BC