Sector movers: GKN leads autos higher

6th Aug 2012 16:23

Some robust car-sales data out this morning saw the automobiles and parts sector rise strongly on Monday afternoon, with engineering group GKN providing a lift.New UK car registrations rose for the fifth month in a row in July, posting the strongest figures of 2012 so far. Registrations rose 9.3% in July to 143,884 units, with the total so far this year up 3.5% on the same period in 2011. The numbers were driven by private sales, which were up by a quarter to 63,941, according to the Society of Motor Manufacturers and Traders (SMMT).GKN also gained on the back of a bullish research note from Credit Suisse this morning. The broker raised its target price for shares and reiterated its 'outperform' rating, saying that the stock continues to offer an "undemanding" valuation compared with the sector. Heading the other way was the electricity sector with counterparts SSE and Centrica pressured lower after Deutsche Bank downgraded its ratings on both stocks to 'hold'.Top performing sectors so far todayIndustrial Metals & Mining 2,658.03 +4.29%Automobiles & Parts 5,064.25 +2.85%Construction & Materials 3,428.01 +2.54%Mining 18,087.18 +2.12%Industrial Engineering 7,322.61 +2.08%Bottom performing sectors so far todayElectricity 8,205.01 -0.84%Gas, Water & Multiutilities 5,175.36 -0.52%Food Producers & Processors 6,059.85 -0.40%Aerospace and Defence 3,790.15 -0.37%Industrial Transportation 2,215.92 -0.28%BC