Sector movers: Food stocks on the rise

7th Sep 2009 11:32

The food producers sector is up more than 11% after shares in chocolate maker Cadbury soared following its rejection of a proposed £10.2bn offer from the US food giant Kraft.Cadbury countered Kraft boss Irene Rosenfeld's claim that the offer 'would deliver a premium well above what they themselves are likely to deliver', saying it 'fundamentally undervalues' the firm.Associated British Foods, the foods group that also owns clothing store Primark, climbs more modestly after saying it expects some improvement in adjusted earnings over the full year despite a much higher interest charge. Trading in the second half of the year has been strong, it added.Leather producer Pittards is the best performer in a buoyant personal goods sector after saying it is seeing an improving picture and a return to profitability. Sales of glove leather were lifted by the cold winter, it said.Top performing sectors so far todayFood Producers & Processors 4,464.93 +11.23%Automobiles & Parts 2,635.00 +4.26%Fixed Line Telecommunications 1,909.48 +2.93%Personal Goods 8,738.68 +2.91%Construction & Materials 3,732.46 +2.51%