Sector movers: Next and Kingfisher boost retail stocks

24th Mar 2011 15:08

It's a strong day for retail stocks, sending the 'general retailers' sector to the top of the pile, with impressive gains from blue chips Next and Kingfisher.Next today paraded a 9% rise in full-year profit to a new record, exactly what the City was expecting following guidance from the fashion retailer in January. Do-it-yourself retailer Kingfisher built profits by 19% last year, pretty much in line with market expectations.Ted Baker also revealed a 24.2% rise in annual pre-tax profit, after strong international demand, and said it is well placed for 2011 despite the uncertain economic outlook.Meanwhile, the fixed line telecommunications sector is being dragged lower by C&W Worldwide, which is falling by more than 15% as of Thursday afternoon.The company issued its second profit warning in eight months, and now expects flat earnings next year compared with earlier market forecasts of an increase of over £20m from £444m to £470m.Top performing sectors so far todayGeneral Retailers 1,656.44 +4.47%Forestry & Paper 6,166.60 +2.32%Aerospace and Defence 3,299.15 +1.88%Oil & Gas Producers 8,746.74 +1.78%Mining 26,033.87 +1.76%Bottom performing sectors so far todayFixed Line Telecommunications 2,253.56 -1.66%Health Care Equipment & Services 3,819.20 -0.63%Tobacco 27,527.90 -0.43%Personal Goods 18,845.91 -0.11%Oil Equipment, Services & Distribution 24,491.53 -0.10%