Sector movers: Oil stocks led higher by Petrofac

21st May 2014 14:36

Petrofac lifted oil equipment, services and distribution stocks higher after Barclays raised its recommendation for the UK's largest oil and gas engineer.An increase in oil prices also boosted the sector with both Brent and West Texas Intermediate crude futures higher. Technology stocks were also gaining as Google and Apple were named the most valuable global brand names in the 2014 BrandZ Top 100 which is developed by Millward Brown Optimor.In other news for Google, it was revealed on Tuesday that the tech giant disclosed in December that it passed on a deal to acquire an unnamed foreign company last year in a transaction valued at up to $5bn. Meanwhile, mobile telecommunication stocks continued to underperform after Cable & Wireless launched plans to invest an extra $250m to boost what it described as "disappointing" broadband and TV growth as it reported its full-year results. Food retailers slumped after Deutsche Bank advised investors to sell shares in Morrisons, saying a rise in the British supermarket group's shares was unwarranted and a 275p takeover bid was unlikely.Top performing sectors so far todayOil Equipment, Services & Distribution 23,646.70 +2.25%Technology Hardware & Equipment 1,042.89 +1.85%Industrial Metals & Mining 1,204.50 +1.49%Pharmaceuticals & Biotechnology 12,839.01 +1.05%Automobiles & Parts 8,868.28 +1.01%Bottom performing sectors so far todayMobile Telecommunications 4,587.37 -0.85%Food & Drug Retailers 3,896.30 -0.70%Electricity 9,736.07 -0.67%Gas, Water & Multiutilities 6,093.90 -0.57%Banks 4,513.93 -0.50%RD