Sector movers: Henderson drags financials services sector lower

29th Feb 2012 15:54

The financial services sector was the worst performing category of the day, as a sharp fall for Henderson Group outweighed a strong showing from International Personal Finance.Henderson, the fund manager with listings in Australia and the UK, says its acquisition of Gartmore in 2011 boosted income but that outflows during the year were 'significant'. Underlying profits before tax were £159.2m, although when the Gartmore transaction and other items are taken into account, basic profit before tax fell to £13m. Shares fell over 6%.In contrast, smaller sector peer International Personal Finance (IPF), the door-step lender, jumped nearly 12%, after finding no shortage of customers as consumers worldwide continue to experience hard times. Customer numbers in 2011 rose to 2.41m from 2.21m in 2010, an 8% year-on-year increase. Credit issued rose 10.5%, or 11.5% using constant exchange rates (CER), to £844.5m from £764.5m in 2010.Electricity stocks were on the rise, with Latin American energy group Andes Energia among the high risers.The group is proposing to split itself in two, thereby creating two quoted companies, one focused on exploration and production activities and the other on electricity production. In an update on its exploration activities the company said it had succeeded in discovered oil and gas at new wells in its Mata More and Corralera blocks in Argentina's Neuquén basin. BCTop performing sectors so far todayIndustrial Metals & Mining 4,637.69 +1.33%Electricity 8,143.33 +1.08%Banks 4,013.99 +0.71%Aerospace and Defence 3,664.36 +0.65%Gas, Water & Multiutilities 4,787.85 +0.61%Bottom performing sectors so far todayFinancial Services 5,022.92 -1.85%Mobile Telecommunications 3,942.73 -1.36%Mining 22,552.36 -1.10%Automobiles & Parts 5,141.41 -1.03%Oil Equipment, Services & Distribution 25,831.77 -0.96%