Sector movers: Oils upended by gloomy Shell

29th Oct 2009 11:53

A disappointing set of third quarter numbers from Royal Dutch Shell sent Oil & Gas Producers skidding lower Thursday.The oil giant said earnings for the three months to the end of September, on a current cost of supplies (CCS) basis, fell 73% to just $3bn from $10.9bn a year ago. All three of London's oil majors have reported now, and only BP has come out of it reasonably unscathed after a smaller than expected drop in its profits. BG was down again today. Pre-tax profit tumbled 45% in the three months, as the trio suffer from the slump in energy prices from last year's record highs.But Banks have fought back from a recent sell-off as Lloyds Banking confirms it is in advanced discussions with UK authorities regarding alternatives to entering the state insurance scheme for toxic debt. The part-nationalised lender is considering raising cash via a rights issue and debt swap as an alternative to participating in the Government Asset Protection Scheme (GAPS). Top performing sectors so far todayForestry & Paper 3,533.01 +2.50%Technology Hardware & Equipment 325.69 +2.45%Banks 4,825.71 +1.81%Life Insurance 3,780.85 +1.73%Industrial Transportation 1,949.24 +1.68%Bottom performing sectors so far todayOil & Gas Producers 7,915.05 -2.50%Health Care Equipment & Services 2,998.10 -1.11%Mobile Telecommunications 3,138.60 -1.08%Tobacco 23,387.96 -1.08%Food & Drug Retailers 4,568.93 -1.02%