Sector movers: Dubai bailout buoys banks

14th Dec 2009 10:17

Banks have moved higher following the decision of Abu Dhabi to bail out Dubai, its financially embarrassed neighbour.Standard Chartered leads the sector higher after receiving a boost in the form of an upgrade by Credit Suisse, which highlighted the low exposure to Dubai as well as the bullish trading update last week.Fellow banks HSBC and Barclays also post gains, but Lloyds is in the red.With stocks generally buoyant, pharmaceutical firms are left on the shelf, including the giant AstraZeneca.Top performing sectors so far todayBanks 4,873.05 +2.08%Life Insurance 3,784.40 +2.00%Construction & Materials 3,230.18 +1.43%Industrial Metals 4,770.68 +1.42%General Financial 5,095.17 +1.41%Bottom performing sectors so far todayHousehold Goods 6,216.45 -0.72%Pharmaceuticals & Biotechnology 8,695.16 -0.39%Health Care Equipment & Services 3,439.95 -0.10%