Sector movers: Electricals advance, beverages slip

27th Jul 2016 14:35

(ShareCast News) - Electronic & electrical equipment was among the top-performing FTSE 350 sectors on Wednesday, with constituents Renishaw and Morgan Advanced Materials rising on earnings news.Engineering firm Renishaw reported a 44% slump in full-year pre-tax profit to £80m as revenue fell due to a drop in Asian orders. At about 14:18 BST, its shares were up 9.84% to 2658p.Directors remained confident in the group's long-term prospects despite uncertainty surrounding the UK's non-binding vote to quit the European Union, and significant forex moves.The board nevertheless anticipated "growth in both revenue and profits over the next financial year".Also at about 14:18 BST, shares in specialist manufacturer Morgan Advanced Materials rose 9.02% to 275.7p as it posted a 6.1% fall in first-half pre-tax profit to £46.2m due to restructuring."Our guidance for underlying trading for the full year remains unchanged," said an upbeat chief executive Pete Raby.Further back, within the rising life-insurance sector, shares in St James's Place were ahead 5.54% to 933p after the wealth manager reported a drop in first-half pre-tax profit but lifted its dividend and reported record net inflows.For the six months to 30 June, St James's Place said pre-tax fell to £97m, from £103.7m. Its underlying performance again hurt by a heightened levy charged by the Financial Services Compensation scheme of £17m.Same sector, Old Mutual, up 1.9% to 209.6p, said Old Mutual Asset Management had made a filing with the US Securities Exchange Commission relating to the pricing terms and size of the instutional offering of 4.8% notes due in 2026.Among the sectors falling was beverages, with brewing giant SABMiller's shares tapering 0.78% to 4375.5p after it said Altria Group had released its half-year results. Altria holds a 27% economic and voting investment in SABMiller. Top performing sectors so far todayOil Equipment, Services & Distribution 13,941.92 +3.08%Electronic & Electrical Equipment 5,009.55 +2.94%Construction & Materials 5,602.62 +2.17%Industrial Metals & Mining 1,632.92 +2.16%Life Insurance 6,693.15 +2.12%Bottom performing sectors so far todayAutomobiles & Parts 6,967.44 -1.00%Beverages 17,125.78 -0.76%Tobacco 55,693.68 -0.72%Gas, Water & Multi-utilities 6,788.36 -0.53%Fixed Line Telecommunications 4,549.32 -0.19%