Sector movers: Elecricity surges after SSE update

10th Nov 2010 14:36

The electricity sector has been given a jump start by a bullish update from Scottish and Southern Energy. "SSE's key financial objective is dividend growth, and we are on course to meet our target of a 2% real increase for the full year 2010/11, while maintaining a dividend cover in line with our established range," said Lord Smith of Kelvin, chairman of SSE.Adjusted profit before tax in the six months to 30 September dipped 6.1% to £385.5m from £410.5m the year before. That was comfortably ahead of JPMorgan Cazenove's forecast of £368m.Mining stocks are under pressure as metals prices retreat. Kazakh copper miner Kazakhmys, and Africa-focused gold group Randgold are among the heaviest fallers.Top performing sectors so far todayIndustrial Metals & Mining 7,889.99 +2.62%Electricity 7,260.75 +1.34%Gas, Water & Multiutilities 4,654.01 +0.95%Aerospace and Defence 3,331.03 +0.63%Beverages 8,988.18 +0.59%Bottom performing sectors so far todayMining 26,177.57 -1.71%Forestry & Paper 5,568.79 -1.62%Food Producers & Processors 4,977.42 -1.47%Industrial Engineering 6,301.63 -1.36%Chemicals 6,521.80 -1.10%