Sector movers: Oil giants advance

1st Oct 2010 15:33

Oil stocks are in the spotlight on an otherwise quiet Friday.BP is higher amid speculation that dividends will soon be resumed. Bob Dudley, who becomes chief executive of the oil company today, said that the board would meet soon to discuss restoring payouts next year, according to newspaper reports.BP's rival BG is doing better still. BG's Spanish peer Repsol has announced a deal with the Chinese refiner Sinopec, which will result in Sinopec holding a 40% stake in Repsol's Brazilian unit. BG Group and Repsol have been exploring for oil in waters of Brazil in partnership and the deal is also seen as supportive to BG.With investors in adventurous mood going into the weekend, defensive stocks such as the utility and tobacco sectors are out of favour.Top performing sectors so far todayForestry & Paper 5,703.43 +2.92%Oil & Gas Producers 7,633.07 +2.70%Real Estate Investment Trusts 1,909.97 +2.25%Technology Hardware & Equipment 592.95 +2.23%Mining 23,136.59 +2.01%Bottom performing sectors so far todayAlternative Energy 3,095.76 -2.31%Gas, Water & Multiutilities 4,348.05 -0.25%Tobacco 27,411.02 -0.15%Food Producers & Processors 4,845.43 -0.13%Support Services 4,106.72 -0.13%