Sector movers: Forestry and paper extends gains

21st Dec 2010 15:17

The forestry and paper sector is the best performing sector on Tuesday afternoon led by packaging group Powerflute.Shares in the semi-chemical fluting and paper company rose after Finnish renewable fuel company Vapo agreed to acquire a 30% interest in the group's wood procurement venture with paper firm Myllykoski.The group is expected to receive €2.5 million in cash from a share sale to Vapo and from a further investment in the venture.Alternative energy is the heaviest falling sector with Hansen Transmissions International being the worst performer.The wind turbine gears manufacturer announced yesterday that it has entered into a sale and purchase agreement with Japanese industrial group Sumitomo Heavy Industries.Subject to shareholder approval, the sale of Hansen is expected to close before the end of March 2011.Top performing sectors so far todayForestry & Paper 5,466.46 +4.62%Mining 27,748.27 +2.58%Aerospace and Defence 3,399.14 +2.00%Industrial Metals & Mining 8,109.39 +1.63%Technology Hardware & Equipment 589.53 +1.51%Bottom performing sectors so far todayAlternative Energy 4,007.84 -0.74%Fixed Line Telecommunications 2,384.60 -0.54%Real Estate Investment & Services 1,547.37 -0.29%Industrial Transportation 2,466.63 -0.22%Mobile Telecommunications 3,897.83 -0.17%