Sector movers: Drax provides spark to electricity stocks

28th Mar 2011 17:17

Coal-fired power station operator Drax lifted the electricity sector higher despite having its target price cut by broker Matrix.Shares have slipped in the last week after the government announced a carbon price floor on electricity generation in its budget on Wednesday.Nevertheless, the broker thinks that the recent sell-off was overdone and keeps its 'buy' rating, saying that the "impact will be mitigated by higher efficiency, plant closures and higher energy commodity prices."The oil and gas producing sector was the worst performing sector Monday, with SeaEnergy, Caza Oil & Gas and Mediterranean Oil & Gas among the heaviest fallers of the day.BCTop performing sectors so far todayPersonal Goods 19,300.12 +2.23%Electricity 7,658.60 +1.65%Technology Hardware & Equipment 739.38 +1.53%Banks 4,745.18 +0.80%Aerospace and Defence 3,312.42 +0.78%Bottom performing sectors so far todayOil & Gas Producers 8,775.16 -0.70%Industrial Metals & Mining 8,382.70 -0.57%Real Estate Investment Trusts 2,126.98 -0.49%General Retailers 1,628.20 -0.48%Insurance (non-life) 1,561.32 -0.46%