Sector movers: Metals stocks rise again

20th May 2009 12:48

The industrial metals sector is shrugging off a gloomy trading update from International Ferro Metals to climb for the second day in a row.The ferrochrome producer said it remains focused on preserving cash and cutting costs as it reported falling sales of the alloy used to make stainless steel. Its shares are down 7% but the sector is higher with iron ore group Ferrexpo climbing for the second day in a row. The firm rose yesterday when it said it is continuing to produce at full capacity and selling all of its output.Banks are led lower by Lloyds, which said today that shareholders will have until noon on 5 June to decide whether to participate in the bank's placing and compensatory open offer.Top performing sectors so far todayIndustrial Metals 3,910.29 +3.35%Forestry & Paper 2,108.49 +3.03%Automobiles & Parts 2,075.11 +1.74%Electricity 6,560.81 +1.57%Technology Hardware & Equipment 259.28 +1.25%Bottom performing sectors so far todayBanks 4,096.09 -3.93%Life Insurance 3,021.99 -3.06%Personal Goods 6,946.46 -2.76%Mobile Telecommunications 2,737.10 -2.63%General Retailers 1,410.82 -1.74%