Sector movers: Industrial engineers Weir, IMI and Fenner continue to slide

17th Nov 2014 16:30

The industrial engineering sector extended Friday's decline with Weir Group, IMI and Fenner all registering heavy losses.Weir Group dropped after Exane BNP Paribas downgraded the stock to "underperform" from "outperform" and cit its target price to from 2,400p to 1,835p.Fenner lost more than 7% after UBS cut its rating on the conveyor solutions engineer from 'buy' to 'neutral' and reduced its target price on the stock from 380p to 300p.Credit Suisse and JP Morgan Cazenove both dragged IMI lower after cutting their respective target price on the group to 1,450p from 1,500p and to 1,522p from 1,720p.Rotork, the actuator manufacturing and flow-control company, also continued to slide after it last week reported that revenues fell 1% in the third quarter due to the timing of deliveries.Top performing sectors so far todayIndustrial Metals & Mining 1,416.56 +1.97%Technology Hardware & Equipment 1,082.53 +1.69%Mobile Telecommunications 5,135.19 +1.57%Tobacco 42,510.50 +1.24%Oil Equipment, Services & Distribution 21,969.23 +1.05%Bottom performing sectors so far todayIndustrial Engineering 9,003.73 -2.23%Food & Drug Retailers 2,817.69 -0.82%General Industrials 3,897.23 -0.64%Industrial Transportation 2,928.41 -0.38%Support Services 6,232.54 -0.38%