Sector movers: Lloyds lifts banks, Petrofac weighs on oil services

30th Jun 2011 14:14

Banking giant Lloyds rose nearly 9% on Wednesday afternoon after revealing the details of its strategic review, providing a lift to the banking sector, which was broadly higher.Lloyds is aiming to shed a further 15,000 jobs and cut its presence in foreign markets by half. Other notable aims include an investment programme in new IT systems. This combined with the job cuts is likely to cost £2.3bn. RBS was also higher. Sector peer Barclays also made gains after agreeing to sell a £460m portfolio of US and European private equity interests to AXA Private Equity, as a result of stricter regulations in the banking industry. Meanwhile, the oil equipment, services and distribution sector was one of the worst performing sectors, driven lower by Petrofac.The FTSE 100-provider of facilities solutions to the oil and gas industries underwhelmed the market when it announced that it is on course to deliver its target of at least 15% like-for-like net profit growth in 2011. During the first half ended 30 June, the group had an order intake of $2.1bn, including new awards in Algeria, Malaysia and Iraq. However, the firm also announced that it is to wave goodbye to its chief financial officer Keith Roberts when he retires on 31 December. Roberts, who joined Petrofac in 2002, will be replaced by Tim Weller. Sector peer Wood Group edged higher after it said that it has seen good growth in the year to date and expects full-year numbers to be in line with expectations. However, Wood Group's gains weren't to bring the sector out of the red on Thursday.BCTop performing sectors so far todayIndustrial Metals & Mining 7,661.95 +1.99%Forestry & Paper 6,678.24 +1.64%Health Care Equipment & Services 3,728.56 +1.64%Oil & Gas Producers 8,369.45 +1.54%Banks 4,370.30 +1.38%Bottom performing sectors so far todayTechnology Hardware & Equipment 748.70 -1.19%Mobile Telecommunications 3,737.52 -0.87%Oil Equipment, Services & Distribution 24,839.56 -0.61%Automobiles & Parts 5,307.41 -0.31%Electricity 8,645.31 -0.31%