Sector movers: M&S gives retailers the blues

19th May 2009 11:57

Clothes and food chain Marks and Spencer is leading the retail sector lower after cutting its dividend amid sliding profits. While sales in the year to March 28 were up by 0.4% from the previous year, they fell by 5.9% without the impact of new store openings and pre-tax profits fell to £706.2m from £1.13bn.M&S said it will rebase its dividend payment to 15p a share from the current 22.5p by reducing the final dividend by a third to 9.5p a share.Meanwhile, at the high end of the clothes retail market, share in Burberry are lower after it revealed a 12% decline in full year profit.It's not all doom and gloom in the retail sector though. Shares in DSG International rose after the electrical retailer, which operates Currys and PC World in the UK, said it is exiting Hungary.The industrial metals sector is higher after investors found something to cheer about in Ferrexpo's update. The iron ore firm is continuing to produce at full capacity and selling all of its output, albeit at lower prices.The firm said prices of iron ore sold to China are being pressured by high freight rates from the Black Sea. However, it added that a slight recovery in demand from Ukrainian and other European customers had reduced dependence on the seaborne market.The weaker Ukrainian currency is helping to ease production costs, Ferrexpo said.Top performing sectors so far todayAutomobiles & Parts 2,173.74 +9.98%Industrial Metals 3,791.19 +5.97%Life Insurance 3,130.98 +5.49%Real Estate 1,624.17 +5.31%Mining 14,354.18 +4.79%Bottom performing sectors so far todayGeneral Retailers 1,440.23 -1.71%Electronic & Electrical Equipment 1,262.43 -1.61%Tobacco 20,761.32 -0.87%Food & Drug Retailers 4,182.85 -0.69%Beverages 6,152.50 -0.33%