Sector movers: Ferrexpo optimism cheers industrial metals

5th Aug 2009 10:18

The industrial metals sector is higher after Ukrainian iron ore pellet producer Ferrexpo saw profits slide 82% in the half of the year as commodity prices tumbled, but said it was seeing signs of normalisation in the market with spot prices for iron ore increasing.It posted a pre-tax profit of £28.7m, compared with £157.7m over the same period the previous year as revenues slumped to $301.8bn from $519.5bn.The firm described the performance as 'resilient', given that it managed to stay profitable during such a difficult period.Paper producer Mondi is leading the forestry & paper sector lower after it fell into losses in the first half of the year as the global economic downturn hit demand for its products.In the six months to June, the company saw reported pre-tax losses of €1m, compared with €171m over the same period the previous year as revenue fell to €2.6bn from €3.3bn.The European businesses, which accounts for most of Mondi's revenue, saw a sharp fall in profitability in the fourth quarter of 2008 after the onset of the financial crisis, while South African operations began experiencing softer volumes and reduced export prices in the following period.Top performing sectors so far todayIndustrial Metals 4,801.49 +4.85%Real Estate 1,834.06 +3.23%Banks 4,643.46 +1.82%Travel & Leisure 3,531.28 +1.48%Food & Drug Retailers 4,317.91 +1.34%Bottom performing sectors so far todayAutomobiles & Parts 2,585.90 -2.73%Forestry & Paper 2,907.19 -2.28%Oil & Gas Producers 6,948.80 -1.77%Technology Hardware & Equipment 284.42 -1.09%Household Goods 5,741.65 -1.01%