Sector movers: Food stocks fall on readacross from sugar giant Suedzucker

17th May 2013 14:39

A gloomy outlook from Europe's largest sugar producer saw food manufacturing stocks in the UK slump on Friday afternoon.Following record results in the 12 months to February 28th 2013, Germany-headquartered Suedzucker, which produces nearly five million tonnes of sugar a year, warned that profits would decline "significantly" this year.The company, which employs nearly 18,000 people across factories and refineries across Europe, forecasts operating profits to drop from €974m to €825m in the fiscal year ending 2014.The FTSE 350 food producing sector, which has gained nearly 20% so far in 2013, was in the red for a second straight day with sector heavyweights Associated British Foods and Tate & Lyle - two stocks heavily exposed to the sugar industry - falling sharply.Top performing sectors so far todayIndustrial Metals & Mining 1,802.42 +2.94%Automobiles & Parts 7,126.42 +2.80%Construction & Materials 3,890.75 +2.34%Industrial Transportation 2,784.36 +2.32%Food & Drug Retailers 4,716.84 +1.80%Bottom performing sectors so far todayBeverages 15,449.95 -1.31%Industrial Engineering 9,687.16 -1.27%Aerospace and Defence 5,065.25 -0.87%Health Care Equipment & Services 4,339.69 -0.87%Food Producers & Processors 7,604.15 -0.67%BC