Sector movers: Oil services stocks move higher

16th Dec 2009 11:09

The oil equipment services and distribution sector is burning bright after well received results from two companies in the sector.Facilities service provider Petrofac expects full year profits to be at least 25% higher than last year.The company has had a good year in the contracts front and said that with trading across most of its businesses continuing to improve, it should make profit after tax of at least $330m, barring unforeseen circumstances.Its gains are surpassed in percentage terms by Plexus, which has won a new two year contract with a one year extension option with oil explorer and producer Wintershall to supply its POS-GRIP wellhead technology and mudline suspension systems.With stocks broadly higher, the defensive qualities of tobacco stocks are shunned. Imperial and British American are lower.Top performing sectors so far todayLife Insurance 3,817.98 +1.34%Oil Equipment Services & Distribution 15,019.61 +1.34%Forestry & Paper 3,619.18 +1.30%Banks 4,838.93 +1.25%General Industrials 2,174.05 +1.24%Bottom performing sectors so far todayBeverages 8,000.17 -1.28%Health Care Equipment & Services 3,468.75 -0.55%Personal Goods 10,437.05 -0.48%Tobacco 23,991.93 -0.12%