Sector movers: IAG and Rolls-Royce lead aerospace sector higher

8th Nov 2013 15:40

The aerospace and defence sector was the top performer on Friday with International Consolidation Airlines Group leading the way after the company's third quarter profits beat forecasts. Rolls-Royce, which supplies engines to the aerospace market, also boosted the industry after saying it expects the full year to achieve modest growth in underlying revenue and underlying profit with cash-flow around breakeven. On the downside, financial services stocks were among the biggest fallers including Aberdeen Asset Management and Schroders. Aberdeen today received a 'hold' rating from Jefferies International, which said: "We believe that Aberdeen's success has been despite its acquisitions rather than because of them and view the potential acquisition of Scottish Widows with some concern." "Our analysis shows that Aberdeen has made a significantly lower return on equity from its deals than its cost of equity and that they have diluted the success of the original core business."Schroders slumped after yesterday reporting a fall in net inflows to £1bn in the quarter to September.Top performing sectors so far todayAerospace and Defence 5,309.11 +1.35%Banks 4,905.17 +0.98%Travel & Leisure 6,838.84 +0.87%Household Goods & Home Construction 10,853.11 +0.60%Mobile Telecommunications 5,310.24 +0.30%Bottom performing sectors so far todayTechnology Hardware & Equipment 1,104.45 -2.13%Industrial Metals & Mining 1,522.40 -1.51%Financial Services 7,315.40 -1.48%Automobiles & Parts 8,660.20 -1.09%Mining 17,063.46 -0.92%RD