Sector movers: Ferrexpo production disappoints

6th Jul 2011 17:32

Ukraine-focused iron ore producer Ferrexpo was a weight on the Industrial Metals & Mining sector after a production update disappointed.Second quarter pellet production from the group's own ore rose by 6.9% in the second quarter from the first quarter's levels.Second quarter pellet production, including third party concentrate, rose by 7.8% from the first quarter. Cyan, the integrated system design company delivering mesh based flexible wireless solutions for lighting control, utility metering and industrial telemetry, was firmly in the blue Wednesday after an upbeat trading update.The stock led the Technology Hardware & Equipment sector higher after it said revenues in the first half of 2011 signficantly exceeded those for the whole of 2011.Despite that, Merchant Securities downgraded the stock to a "hold"."The group ended the 2010 year with £1.4m of net cash, plus a further £0.9m raised in June, so we believe the group will be too tight due to working capital pressures and will be forced to raise additional cash," the broker said.Top performing sectors so far todayTechnology Hardware & Equipment 787.32 +1.97%Health Care Equipment & Services 3,853.62 +1.67%Industrial Transportation 2,689.01 +1.07%Electronic & Electrical Equipment 3,442.27 +0.53%General Retailers 1,735.39 +0.37%Bottom performing sectors so far todayIndustrial Metals & Mining 7,540.32 -3.62%Media 4,360.03 -1.57%Household Goods & Home Construction 6,823.23 -1.49%Personal Goods 23,175.06 -1.22%Insurance (non-life) 1,644.84 -1.16%