Sector movers: Engineering stocks climb after updates

14th Jul 2009 10:37

Positive trading updates from industrial engineering stocks help lift the sector higher. Engineering conglomerate Melrose is trading in line with expectations for the full year and said cash generation during the first six months of 2009 has been 'excellent'.Metals group Delta said it enjoyed a better than expected first half but while it sees strong second half trading, it is not expected to be as good as the first.The best performing stock in the sector though is bus maker Optare after board members bought shares in the firm last night.It's not all good news in the sector though. Industrial chains maker Renold falls after it revealed a sharp drop in full year pre-tax profit as economic conditions in the second half of its financial year deteriorated.The drinks sector has been busy lately. Shares in Britvic are higher after the soft drinks maker said its profits this year will beat the top end of market forecasts as demand in the UK has soared.Shares in Magners cider group C&C recover slightly after the firm yesterday revealed the upturn in sales it reported earlier in the month was down to an accounting error and that the real picture is much worse. However, the drinks sector is down overall as shares in spirits giant Diageo, which recently announced that it is to close a Scottish distillery, fall back.Top performing sectors so far todayAutomobiles & Parts 1,771.08 +4.48%Mining 13,534.87 +3.52%Industrial Engineering 2,414.69 +2.23%Banks 3,836.86 +2.03%Life Insurance 2,751.74 +1.86%Bottom performing sectors so far todayMobile Telecommunications 2,602.69 -1.88%Tobacco 20,665.68 -1.38%Food & Drug Retailers 4,138.35 -0.79%Beverages 6,150.34 -0.77%Health Care Equipment & Services 2,454.14 -0.34%