Sector movers: GKN drives down auto stocks

8th Aug 2011 12:45

GKN was driving down the automobiles sector on Monday, with shares dropping 5.75% at 12.55pm, continuing the recent decline.The automotive and aerospace engineer revealed on 3 August that saw sales rose 11% in the first half, however profits were restricted by a temporary plant closure in the US. Shares are now 19% down on the week, and 24% lower over the last month.On the other hand, just one sector was making gains - industrial transportation. BBA Aviation was the high riser in the sector, recovering after the recent sell-off. Shares are now 11% lower than last week, despite the aviation support and aftermarkets services provider reporting on Friday a 20% increase in half-year profits on sales that grew 12%.The share price is 2.87% to 182.50p at 12.53pm.BCTop performing sectors so far todayIndustrial Transportation 2,310.19 +2.06%Bottom performing sectors so far todayAutomobiles & Parts 4,304.38 -5.44%Technology Hardware & Equipment 604.86 -5.30%Oil Equipment, Services & Distribution 19,681.11 -5.20%Industrial Engineering 6,070.64 -5.17%Industrial Metals & Mining 5,663.44 -5.07%